NZ sharemarket slides despite some positive data

The S&P/NZX 50 Index closed at 12,555.99, down 40.88 points or 0.33% after a mid-afternoon dip when markets faltered on the news that China was not delivering further economic stimulus.

The index reached an intraday high of 12,607.03 points, and there were 33.39 million share transactions worth $123.9m.

Across the Tasman, the S&P/NZX 200 Index had fallen 0.26% to 8,184.2 points on a sell-off in mining stocks and a weaker iron ore price. The Hong Kong Hang Seng Index was down 5.58% to 21,810 points.

There was a sell-off on Wall Street as bond yields increased, and the oil price went over US$77 (NZ$125.76) a barrel. The Dow Jones Industrial Average was down 0.94% to 41,954.24 points; S&P 500 declined 0.96% to 5,695.99; and Nasdaq Composite fell 1.18% to 17,923.9.