NZ shares dip as investors await US earnings

The S&P/NZX 50 Index decreased 7.35 points, or 0.1 percent, to 11,578.27. Within the index, 17 stocks fell, 28 rose, and five were unchanged. Turnover was $147 million.

The benchmark index was in positive territory for most of the day, rising more than 0.8 percent as it followed stronger US markets overnight, but tapered off into the close when US equities futures turned flat.

Mark Lister, head of private wealth research at Craigs Investment Partners, said the index was “at the mercy of global markets” as NZ markets were in a lull ahead of the local reporting season in August.

Until then, the equity market will be driven by US company earnings, the Federal Reserve's policy review on Thursday morning and any headlines regarding the US-China relationship, he said.