NZ stocks edge higher, led by Contact; Asian markets slide
The S&P/NZX 50 Index rose 3.05 points, or 0.03 percent, to 10,863.87. Within the index, 16 stocks rose, 25 fell and nine were unchanged. Turnover was modest at $92 million with only a handful of stocks trading on more than a million shares.
Asian markets were generally weaker after China-US trade talks ended inconclusively and President Donald Trump tweeted that a 10 percent tariff would be imposed on another US$300 billion of Chinese goods from Sept. 1.
Australia’s S&P/ASX 200 index was down 0.3 percent in early afternoon trading. The Hang Seng index was down 2.3 percent and the Straits Times index was down 0.8 percent.
“It’s a sea of red out there,” said Peter McIntyre, an investment adviser at Craigs Investment Partners. "We are probably faring quite well compared with the rest of Asia today on cautious trading."
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