Investors in the US are eagerly awaiting the delayed jobs and inflation report to get a gauge on where their economy is heading.
The Nasdaq Composite was down 0.59% to 23,057.41 points; the S&P 500 decreased 0.16% to 6816.51; and the Dow Jones Industrial Average was flat at 48,416.56.
Asian Pacific markets were also weaker. The Hong Kong Hang Seng Index had fallen 1.91% to 25,139.16 points at 5.45pm NZT; the Japanese Nikkei 250 was down 1.26% to 49,536.74; the Shanghai Composite had declined 1.22% to 3820.85; and across the Tasman the S&P/ASX 200 Index had decreased 0.54% to 8588.7.
Lister said in New Zealand the half-year economic and fiscal update and the latest housing data were “a little disappointing and more sluggish than expected. At the moment we aren’t seeing a recovery taking a big hold”.
The Treasury downgraded its fiscal outlook, pushing out a return to surplus in the operating balance before gains and losses to 2029/30. Net core Crown debt as a share of GDP is forecast to peak at 46.9% in 2027/28 before dipping to 46.1% in 2029/30.
The seasonally adjusted REINZ house price index was down 0.3% in November, following a 0.2% fall last month in October.
ANZ said sales volumes fell, and with plenty of listings hitting the market, downward pressure on prices has emerged. “This is weaker than our expectation of small increases by now.”
There is still brighter news in the primary sector. Meat and wool exports are forecast to lift 7% to $13.2 billion in the year to June next year, and horticulture export revenue will increase 5% to $9.2b.
On the local market, a2 Milk increased 29c or 2.81% to $10.60; Turners Automotive was up 15c or 1.9% to $8.05; Delegat Group gained 14c or 3.06% to $4.72; Napier Port added 7c or 1.89% to $3.77; and Eroad improved 3c or 2.65% to $1.16.
Comvita increased 2.5c or 4.9% to 53.5c ahead of its annual meeting.
In the energy sector, Mercury was up 11c to $6.32, and Meridian increased 14c or 2.56% to $5.60 after reporting a 12.1% rise in retail sales volumes compared with November last year. Residential sales rose 23.2%, including Flick customers, and the small-medium segment was up 10.2%.
In the month to December 8, national hydro storage increased from 143% to 153% of historical average. South Island storage reached 157% of average and North Island storage 132%. National electricity demand was 5.9% higher than November last year.
Contact was down 5c to $9.25 after reporting mass market electricity and gas sales of 319GWh in November compared with 290GWh in the same month last year.
Electricity generated or acquired was 1014GWh compared with 741GWh in November last year, and the unit generation cost was $39.62 per MWh, up from $34.43. As at December 11, South Island controlled storage was 157% of mean and North Island 129%.
Gentrack fell a further 31c or 3.53% to $8.48; Hallenstein Glasson was down 29c or 2.87% to $9.81; Third Age Health declined 30c or 4.23% to $6.79; Vista Group decreased 7c or 2.59% to $2.63; and Oceania Healthcare shed 3c or 3.23% to 90c.
Channel Infrastructure was down 7c or 2.55% to $2.68 after telling the market it was investing $30m for upgrades at the Marsden Point fuel import terminal as part of the energy precinct redevelopment.
The upgrades include relocating the control room on land designated for the biorefinery project and constructing a new administration building.
New Talisman Gold Mines, up 0.001c or 3.7% to 2.8c, has raised $679,088 through a private placement of shares at 2.2c each.
Rua Bioscience, gaining 0.002c or 7.41% to 3c, has completed its $2.316m rights offer at 2.5c a new share. This included $282,000 worth of oversubscriptions.
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