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New Zealand shares ended flat with a positive bias on Friday and earlier hit an all-time high during the session amid a global sell-off after Wall Street’s lower close on Thursday, fueled by labor market fears.
The S&P/NZX 50 Index was little changed to close at 13,599.21.
On Thursday, the S&P 500 lost 1.1%, while the Nasdaq Composite ended 1.9% lower, and the Dow fell 0.8%.
US-based employers announced 153,074 job cuts in October, up 175% from the 55,597 cuts announced in October 2024, and up 183% from the 54,064 job cuts announced one month prior, Challenger, Gray & Christmas said on Thursday.
“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008. Like in 2003, a disruptive technology is changing the landscape,” said Challenger.
In corporate news, Briscoe Group (NZE:BGP, ASX:BGP) said total group sales for the fiscal third quarter fell 1.8% to NZ$171 million. The company’s New Zealand-listed shares closed down 2%.
Spark New Zealand (NZE:SPK, ASX:SPK) reaffirmed fiscal 2026 adjusted earnings before interest, taxes, depreciation, amortization, and impairments guidance of NZ$1.01 billion to NZ$1.07 billion. The company’s Kiwi shares were down 2% at market close.