NZ sharemarket falls as oil prices rise
The S&P/NZX 50 Index dropped 0.56% to close at 13,749.6 as international weakness and climbing oil prices weighed on the market.
What happened
The S&P/NZX 50 Index fell 78.02 points to close at 13,749.6, a decline of 0.56%, driven by weaker international sentiment and a further rise in the oil price. The index had opened higher at 13,838.11 before giving up those gains.
Why it matters
Oil prices have been a mounting pressure on New Zealand households and businesses for weeks. Since early October, motorists have increasingly turned to buy now pay later services to afford fuel, while a third of businesses surveyed by ASB raised prices due to energy costs and 73% of business leaders cited energy as a major concern. The sharemarket fall reflects how rising oil costs are now affecting investment sentiment and broader financial markets.
Follow the whole thread: Fuel price surge and household cost pressures
Key facts
- S&P/NZX 50 Index closed at 13,749.6
- Fall of 78.02 points, or 0.56%
- Morning high was 13,838.11
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What outlets are saying
BusinessDesk
NZ sharemarket falls as oil prices rise
The New Zealand sharemarket fell more than 0.5% on weaker international sentiment and a further rise in the oil price. The S&P/NZX 50 Index slid from a morning high of 13,838.11 t o close at 13,749.6, down 78.02 points, orβ¦
NZ Herald
NZ sharemarket falls as oil prices rise β Market close
The S&P/NZX50 Index closed at 13,749.6, down 78.02 points, or 0.56%.