NZX 50 edges lower as power companies dip in soft Asia trading
New Zealand’s S&P/NZX 50 index edged lower in a soft start to July across Asia, with power companies Meridian Energy and Mercury NZ weighing on the benchmark, while Australian banks were a drag across the Tasman.
Exporters such as Fisher & Paykel Healthcare and a2 Milk Co were generally weaker as the kiwi dollar gained ground against the greenback, with investors pondering whether the Reserve Bank will hike interest rates next week after the International Monetary Fund recommended monetary stimulus be dialled back.
Communications companies were mixed after the government announced its plans for the upcoming radio spectrum auction used for mobile services, with Spark New Zealand advancing and broadband network operator Chorus declining, while Infratil's One New Zealand is set for a leadership change.
And Bremworth surged to a six-month high after the Commerce Commission cleared the carpetmaker to sell its assets to rival Godfrey Hirst’s parent.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
