\u201cInterestingly, in Australia, there was a big switch out of resource stocks into healthcare and technology. The healthcare sector has been extraordinarily weak, and the stocks were looking quite cheap,\u201d he said.<\/p>\n
\u201cInvestors there decided they didn\u2019t want to stay in resource stocks. It was classic Australian market behaviour and occasionally spills over to our market, but that didn\u2019t happen today.<\/p>\n
\u201cFisher & Paykel Healthcare<\/a> [down 11c to $37.50] and Ebos Group<\/a> [down 13c to $20.12] were unaffected,\u201d Goodson said.<\/p>\n Global mining company Rio Tinto was down 2.1% to A$172.32 ($210.53), while global biotechnology firm CSL was up 3.3% to A$115.75 at 6pm NZ time. Accounting software firm Xero had risen 8.28% to A$70.38.<\/p>\n The S&P\/ASX 200 was steady at 8788.60 points after the May consumer price index (CPI) showed annual inflation was lower than expected at 4% but still well above the Reserve Bank of Australia\u2019s target of 2-3%.<\/p>\n The CPI beat the market expectation of 4.3% and was down from 4.2% in April. Lower petrol prices were offset by increased housing costs, including electricity and rents.<\/p>\n Goodson said Australia\u2019s inflation number will keep the debate alive over whether there should be a cash rate hike in August. \u201cIt\u2019s opposite to the debate here over whether we need a hike in July.\u201d<\/p>\n On Wall Street, the technology-driven Nasdaq Composite fell 2.21% to 25,587.04 points; the S&P 500 was down 1.44% to 7365.46; and the Dow Jones Industrial Average was steady at 51,666.84.<\/p>\n Investors are questioning the valuation of tech and semiconductor stocks.<\/p>\n Local stocks<\/p>\n At home, Meridian Energy<\/a> declined 15c or 2.5% to $5.85; Vector was down 11c or 2.21% to $4.86; Summerset shed 20c or 2.27% to $8.60; Oceania Healthcare decreased 2c or 2.56% to 76c; and Hallenstein Glasson eased 14c to $10.05.<\/p>\n Telco Spark<\/a> was down a further 4.5c or 2.47% to $1.77, its lowest level in 16 years. Previously known as Telecom, the stock listed in 1991 at $2 a share, and over the past 12 months, Spark has fallen 24%.<\/p>\n Other decliners were Serko down 3.5c or 2.27% to $1.51; Promisia Healthcare decreasing 2.5c or 3.88% to 62c; and Blackpearl Group shedding 1.5c or 2.78% to 52.5c.<\/p>\n Apple exporter Scales Corp<\/a> increased 16.5c or 2.67% to $6.34; a2 Milk was up 6c to $8.47; Turners Automotive collected 10c to $8.55; Fletcher Building gained 5c to $3.39; and Steel & Tube added 1c or 2.86% to 36c.<\/p>\n KMD Brands, unchanged at 7.9c, told the market it will undertake a 1-for-25 share consolidation<\/a> on July 1 to significantly reduce the number of ordinary shares currently on issue and to make trading easier.<\/p>\n Gentrack, up 4c to $3.75, has completed the purchase of airport technology and services provider Dubai Technology Partners, which employs 60 people.<\/p>\n