Coronavirus ripples through markets driving shares down; utilities down
The S&P/NZX 50 Index fell 23.3 points, or 0.2 percent, to 11,877.8. Within the index, 23 stocks fell, 17 rose and 10 were unchanged. Turnover was $113.4 million.
Stocks exposed to the tourism sector remained under pressure as the risk of a potential coronavirus epidemic on international travel weighed on global investors.
Air New Zealand fell 0.3 percent to $2.98 on a bigger volume than normal of 3.6 million shares, Auckland International Airport declined 1 percent to $8.885 with 692,000 shares changing hands, and Tourism Holdings was down 1.6 percent at $3 on a volume of 308,000 shares.
Michael McCarthy, chief market strategist at CMC, said it was remarkable the way different markets had reacted to the coronavirus risk. Share markets in China were under pressure, with the Shanghai and Shenzhen indices recording 2-to-4 percent falls on several occasions this week, while the S&P500 in the US was up 1 percent.
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