NZ sharemarket: year's gains lost in single day
The S&P/NZX 50 Index tumbled all day and closed at 11,757.97, down 104.98 points or 0.88%, wiping out the gains for the year.
The index started the week ahead by 0.8%. There were 50 gainers and 89 decliners over the whole market on light volumes of 20.25 million shares transactions worth $66.48m.
Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said it was an eventful day and an indication of further things to come.
“The reporting season has got off to a bumpy start, and we are likely to see mixed company results with a few more surprises springing up. It seems the [company] outlooks will be more variable than normal,” Sullivan said.
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