NZ shares fall; oil price plunge weighs on Refining NZ
The S&P/NZX 50 Index dropped 118.20 points, or 1.1 percent, to 10,417.67. Within the index, 37 stocks fell, eight gained, and five were unchanged. Turnover was $176.4 million.
Stock markets around the world fell today as dwindling demand for oil hinted at a sharp downturn in the global economy. The International Energy Agency has estimated global demand may fall by 9.3 million barrels a day this year as the virus outbreak pushes nations into lockdowns.
“Oil is symptomatic of what is going on globally,” and a reminder that many parts of the economy remain highly disrupted, said Harbour Asset Management portfolio manager Shane Solly.
“The fall in oil prices has been a reason for investors to pause and reflect on slowing global activity.”
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)
