NZX leads market lower as inflation figures loom

The benchmark index slipped 15.8 points, or 0.1%, to 11,932.92. Across the main board, 61 stocks fell, 70 rose and 53 were unchanged. Turnover was $110.6 million.

NZX fell 2.3% to $1.27 as the local stock market dipped into negative territory late in the trading session, ignoring a strong lead from the US where tech stocks helped boost the Nasdaq and in Australia where energy and mining stocks were buoyed. 

That comes ahead of the December quarter consumer price index tomorrow, which is expected to show a slowing annual pace of inflation. Still, analysts remain unsure whether that will slow the Reserve Bank’s aggressive hiking policy that is set to lift the official cash rate to 5.5% by the September quarter of this year. 

The kiwi dollar was unchanged at 64.90 US cents at 3pm in Wellington from yesterday, but was weaker against its Australian counterpart, falling to 92.26 Australian cents from 92.89 cents.