NZX50 dips as probe into Fed’s Powell sours US futures
New Zealand’s S&P/NZX 50 index nudged lower in a mixed day on the local board, following US futures lower after Federal Reserve chair Jerome Powell said the central bank had been served with a subpoena threatening criminal indictment over his testimony to the Senate banking committee about the Fed’s ongoing office renovation
Electricity generator-retailers were split, with heavyweight Meridian Energy a drag on the benchmark, as ministers Simon Watts and Scott Simpson tagged the sector as next in line for open consumer data, making it easier for people to shop around.
Retailers were broadly stronger after Bureau of Statistics figures showed consumer spending across the Tasman beat expectations in November, buoying the likes of KMD Brands, Hallenstein Glasson Holdings and Michael Hill International, who’ve got footholds in Australia.
And Rakon soared to a three-and-a-half year high as the components maker attracted the first local takeover of the year, with privately-held American firm Bourns intending to lob in a $356.2 million offer for the company, having locked in about 41% before the papers have been lodged.
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