New Zealand shares slightly weaker after gloomy economic forecasts

New Zealand shares edged lower on Thursday after data showed that economic growth cooled.

The benchmark S&P/NZX 50 index pulled back from a record high hit during the previous session, according to Reuters.

The benchmark was mostly flat, down 1.5 points at 8,409, with gains in consumer staples offset by healthcare and materials stocks.

New Zealand’s gross domestic product surpassed expectations as construction activity soared in the third quarter, but grew at a slower rate than the previous quarter, official data showed on Thursday.