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New Zealand shares ended lower on Thursday despite a Wall Street rally supported by weaker-than-expected jobs data.
The S&P/NZX 50 Index fell 0.5% or 66.92 points to close at 13,515.62.
In Wednesday’s Wall Street trading session, the S&P 500 closed 0.3% higher, the Nasdaq Composite gained 0.2%, and the Dow Jones finished 0.9% higher.
Hopes for a December US Federal Reserve rate cut were further increased after data from ADP showed that private employers shed 32,000 jobs in November.
“We remain of the view that it is appropriate for the Fed to continue to cut interest rates to respond to downside labour market risks,” said ANZ economist Henry Russell on a podcast, as quoted by Reuters.
In domestic news, New Zealand’s seasonally adjusted total building volume rose 1.5% in the September quarter compared with the June quarter, data from Stats NZ showed.
Meanwhile, overall construction activity in New Zealand was firmer than expected in the September quarter, with the total building activity beating the forecast, Westpac said in a report.
Further, property values in New Zealand now stand at NZ$800,795, 3.5% lower than a year ago, equivalent to a drop of around NZ$29,100, said Cotality in a report.
Also, New Zealand’s economy is expected to grow at just under 3% per year to 2027, following a “significant” period of stagnation and negative per-capita growth, according to Business NZ’s planning forecast report.
In corporate news, Fonterra Co-operative Group (NZE:FCG) posted fiscal first-quarter normalized earnings of NZ$0.18 per share, up marginally from last year.
Pacific Edge (ASX:PEB, NZE:PEB) appointed Simon Flood as chairman designate, succeeding Chris Gallaher.