Dull stock market due to shortage of business and business news

The equity market is experiencing some lull with little flow of information about the companies and the economy to provide direction.

The benchmark S & P / NZX 50 closed 0.08%, or 10.073 points, at 12,429.98 on Thursday.

“There is a bit of a vacuum in the news for kiwifruit investors,” said Greg Smith, research manager at Fat Prophets. “We came out of a time where we had a flow of business results and economic data and we had the budget and now everything has calmed down a bit.

“The market is going through a certain lull, a little calm. “

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There are fears that the country’s borders will remain closed longer than expected, which could take a toll on the mood, he said.

The stock market is going through a quiet period with little flow of information, analysts say.


The stock market is going through a quiet period with little flow of information, analysts say.

Investors focused on the next big data due in the United States, the monthly jobs report due for release on Friday. The report is expected to show that employers added more than 650,000 jobs last month.

“I’ll be looking for a Goldilocks number, not too hot for there to be concerns about the decline suddenly and not too cold for the economy to lose momentum,” Smith said.

Michael Hill International rose 3.5% to 88 cents after announcing Rob Fyfe would replace Emma Hill as president of the jewelry chain later this month. Fyfe has been a director of the company for seven years and was previously Managing Director of Air New Zealand and Icebreaker.

NZ King Salmon Investments fell 5% to $ 1.52 after reporting that trading in the first half of its fiscal year had been “problematic.”

“King Salmon is a difficult species to breed and there have been issues with our fish in the warmer Pelorus Strait during the summer months that have hampered growth in this area after changes were made. to our breeding model, ”said Managing Director Grant Rosewarne.

NZ King Salmon claims to have had smaller fish in the first half of their fiscal year.

John Kirk-Anderson / Stuff

NZ King Salmon claims to have had smaller fish in the first half of their fiscal year.

“The smaller fish size and reduced biomass gradually became more apparent with the completion of post-summer weight assessments.”

Rosewarne said the problem was temporary and the company had taken steps to address it and believed the fish would recover in size by July.

Price increases should benefit in the second half of the year, he said.

The biggest stock in the market, Fisher & Paykel Healthcare, continued to weaken after failing to provide guidance on its outlook last week amid uncertainty over future demand for its products which were in high demand. during the Covid-19 pandemic. Shares fell 0.9% to $ 28.87, taking their decline this year to 12%.

Stocks rose in Asia on Thursday after a day of modest gains on Wall Street, driven by buying energy and tech stocks. Oil prices have also increased.

Benchmarks rose in Tokyo, Shanghai, Sydney and Seoul but fell in Hong Kong.

In a calm news week, investors are awaiting further clues from the U.S. job market about the Federal Reserve’s next interest rate action later this month, when the central bank holds its next meeting of decision-makers.

Expectations of a surge in hiring fueled concerns about inflation and how global central banks might respond to it. The concern is that the global recovery could be hampered if governments and central banks were to withdraw stimulus measures to combat rising prices.

– With PA

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