Buyers shun market and shares dip
After a sharp fall at the opening, the S&P/NZX 50 Index did have a recovery in the last half-hour matching session and closed at 11,736.75, down 34.52 points or 0.29%.
There were 54 gainers and 74 decliners on the main board with 81.76 million shares worth $124.73m changing hands.
Inflation in Australia fell for the second successive month with the February consumer price index showing a lower-than-expected annual rate of 6.8%, down from 7.4% in January and 8.4% in December. The analysts expected an inflation rate of 7.2%.
Matt Goodson, managing director of Salt Funds Management, said the latest inflation number is still high but it’s encouraging that it was weaker than expected and it suggests the Reserve Bank of Australia may put interest rate rises on hold.
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