NZ sharemarket plunges to lowest level in six months
After a steady morning, the S&P/NZX 50 Index fell sharply in the afternoon and closed at 11,525.88, down 92.21 points or 0.79%.
The index has already fallen nearly 2% this week and is down 2.14% for the year to date. The previous lowest level was 11,475.77 points on Dec 13.
Matt Goodson, managing director of Salt Funds Management, said following The Warehouse, Tourism Holdings, and Fletcher Building earnings downgrades, investors now have a real aversion to stocks with a large exposure to the NZ economy.
“There is a very clear concern – some may say it’s a bit late – about domestic-driven earnings in the short term. The market is supposed to be forward-looking, but at the moment, it is reacting to very weak evidence about the economy.
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