WELLINGTON/SYDNEY: New Zealand shares closed flat on Monday, as gains in utility and financial stocks were offset by weakness in the healthcare sector, with investors awaiting a meeting of the US Federal Reserve later this week for cues on its monetary policy.
The benchmark S&P/NZX 50 index ticked up 0.09% to finish the session at 12,562.17. Trading was thin as about 16.5 million shares changed hands, compared with the 30-day average of 33.8 million shares.
Banking services provider Heartland Group was the biggest gainer on the index, jumping over 6% to a more than three-year high. Meanwhile, medical device maker Fisher & Paykel Healthcare Corp fell 2.6% to close at its lowest in over a week.
The Fed will start its two-day meeting from Tuesday, with many investors expecting the US central bank to repeat its dovish view. Markets in Australia were closed on Monday for a public holiday.
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