New Zealand shares ease as govt unveils $12.1b crutch for business
The S&P/NZX 50 Index declined 42.20 points, or 0.4 percent, to 9,434.74, its seventh consecutive decline. Within the index, 29 stocks fell, 18 rose, and three were unchanged. Turnover was heavier than usual at $316 million.
Finance Minister Grant Robertson today announced $12.1 billion would be injected into the economy to soften the impact of the global pandemic threatening cause the next recession.
The package is the equivalent of 4 percent of the economy, and a mix of wage subsidies, tax breaks, increased welfare support, and targeted spending in health and aviation.
The local benchmark - which had dropped as much as 5 percent - began recovering around midday and received an extra bounce after the package was announced.
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