NZ tech stocks have a mixed day

The S&P/NZX 50 index rose 29 points, or 0.2%, to 12,023.46. Across the main board, 47 stocks fell and 80 rose. Turnover was $82.6 million.

Devon Funds head of retail Greg Smith said the tech-heavy Nasdaq in the US had fallen 0.4%, with Microsoft’s shares down more than 2% at one point thanks to weaker earnings guidance and Alphabet falling 3%.

“With pandemic tailwinds easing across the technology sector, growth is slowing. Although it remains in positive territory for now,” he said.

Tech stocks in NZ’s domestic market today were more mixed, however. Rakon was down 1% to $1.04, Serko up 6.6% to $2.59, Scott Technology was down 0.7% to $2.81 and fleet company Eroad was up 1.1% to 89 cents, with ikeGPS up 5.4% to 98 cents.