Plenty of volatility affecting NZ sharemarket - Market close
The New Zealand sharemarket remained flat as investors reacted to rising oil prices and geopolitical tensions in the Middle East. Despite volatility in global tech stocks, the local index showed resilience compared to international markets.
Why it matters
Global market stability is currently highly sensitive to oil price fluctuations and Middle Eastern conflict, impacting investor confidence worldwide.
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Heartland’s proposed merger with TSB Bank is facing public opposition in Taranaki. Photo / Supplied
Investors are feeling decidedly uncomfortable amid the heightened Middle East conflict, rising oil prices, and the continued tech sell-off as the New Zealand sharemarket opened the week on a flat note.
The S&P/NZX traded reasonably steadily after a sharp fall in the morning following another down-day on Wall Street and closed at 13,696.03 – up 1.35 points or 0.01%. The index hit an intraday low of 13,622.58 points.
There were 65 gainers and 73 decliners on the main board, with turnover reaching 23.1 million shares worth $94m.
Mark Lister, investment director at Craigs Investment Partners, said there was such a fragile situation in the Middle East, and with oil prices ticking up, it was difficult for investors to be upbeat.
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