New Zealand sharemarket reaches nine-month low

The New Zealand sharemarket has dropped to its lowest point in nine months, falling by 0.7% today. The S&P/NZX 50 Index closed at 12,076.85, down 89.29 points. This decline follows a tough month on Wall Street, causing continued losses on the local market. The index has been on a downward trend since it peaked at 13,068.93 points on February 17. One of the biggest contributors to today’s market decline was Fisher and Paykel Healthcare, which fell nearly 2%. The stock dropped by 65 cents to $32.15, with heavy trading that saw 2.45 million shares exchanged. Market expert Jeremy Sullivan noted that inflation due to Trump tariffs and geopolitical tensions are weighing down stock performance. Stocks like Spark and Ryman Healthcare have also been underperforming. However, Sullivan mentioned a potential upside: expected interest rate cuts next month could benefit mortgage holders and investors, although they may not help those dependent on term deposits.