“I think people are still holding their breath for the reporting season, which begins next week, and then it really gets going the following week,” Lister said.
“We’re just in a bit of a holding pattern in terms of the stock-specific news. We don’t really want to hear from any of these businesses because when you hear from a business this close to reporting season, it can often mean that it’s going to be a profit downgrade they’re obliged to tell us about.
“No news is probably good news at this point on the corporate front.”
On the NZX, Lister pointed to Chorus and Gentrack Group, which had positive days.
Chorus lifted 29c to $9.09 on turnover of $5.4m, while Gentrack rallied by 3.78% or 37c to $10.15.
Infratil also continued its positive run, with Lister noting its share price had gained just over 4% during the week. Infratil lifted 1.26% or 15c to $12.05, on turnover worth $24.6m.
As for the decliners, SkyCity was down 2.04% to $0.96, Restaurant Brands fell 1.72% to $2.85 on turnover of $3.57m, and Auckland Airport fell 1.18% to $7.55 on turnover of $7.6m.
Elsewhere, Stats NZ released unemployment data for the June quarter, with the headline figure rising to 5.2%, slightly below economists’ predictions of 5.3%.
Lister said while it hadn’t gone up as much as people were expecting, it was still at its highest levels since the pandemic.
“That’s the last really important data point ahead of the Reserve Bank meeting in a fortnight’s time. The balance of risks definitely suggests that another cut is required this month.
“You’ve got to remember that unemployment tends to be a lagging indicator, so it doesn’t tell you a lot about what’s coming.”
Overnight, the Global Dairy Auction took place, with the second increase in a row following four consecutive declines.
International news
Wall Street stocks retreated on Tuesday local time as markets monitored ongoing trade talks ahead of new tariff increases set to take effect later this week.
US stocks initially looked poised to extend Monday’s rally but soon tumbled into negative territory.
“We’re struggling for direction right now,” said Adam Sarhan of 50 Park Investments. “After a big move up over the last few weeks, it’s perfectly normal and healthy to see the market consolidate or go sideways a little bit.”
The Dow Jones Industrial Average finished down 0.1% at 44,111.74.
The broad-based S&P 500 dropped 0.5% to 6299.19, while the tech-rich Nasdaq Composite Index shed 0.7% to 20,916.55.
US President Donald Trump told CNBC he plans fresh tariffs on imported pharmaceuticals and semiconductors.
The statement comes before a separate set of tariff increases goes into force on dozens of economies later this week. Swiss officials travelled to Washington on Tuesday to try to strike a last-minute deal.
– Additional reporting AFP
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
