NZ shares fall in shadow of Nvidia result
The S&P/NZX 50 Index dropped 116.99 points, or 0.9%, to 12,353.61. Across the main board, 101 stocks fell, 37 rose, and 41 were unchanged. Turnover was $123.9 million, with 11 companies trading on volumes of more than a million shares.
Stock markets across Asia fell after chipmaker Nvidia’s more than doubling of sales and earnings in the June quarter failed to inspire investors who have driven the share price up more than 150% this year alone.
“It doesn’t feel like they disappointed,” said Rickey Ward, head of investment strategy group at JBWere. “There’s always been a question in markets about their ability to continue growing.”
Tech stocks felt the hit more keenly in Asian markets, while in NZ, components maker Rakon, which talked up its growth opportunities in AI at Wednesday’s annual meeting, fell 6.3% to 75c. Infratil, which expects its CDC Data Centre business to benefit from increased AI adoption, declined 1.7% to $10.82.
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