NZ joins global equity rout

The S&P/NZX 50 Index fell 287.54 points, or 2.2 percent, to 13,086.46. Within the index, 48 stocks fell, and two were unchanged. Turnover was $151.9 million.

Key indices on Wall Street each tumbled more than 2 percent overnight, without any obvious trigger for the rout. Asian markets followed suit, with bourses in Australia and Hong Kong also down a similar amount.

The US Federal Reserve left its stimulatory monetary policy settings unchanged and earnings from US tech stocks were fairly positive.

However, investors have been increasingly frustrated by the slow delivery of vaccines and by US lawmakers delaying a decision on fiscal stimulus.