NZ shares fall; virus fears heighten volatility
The S&P/NZX 50 Index declined 214.99 points, or 1.8 percent, to 11,425.90. Within the index, 37 stocks fell, 11 rose, and two were unchanged. Turnover was $174.4 million.
Today’s drop followed a lead from Wall Street, which saw all the US benchmark indices fall more than 3 percent overnight. Asian equity markets also fell, with most down more than 1 percent. The Hang Seng was down 2.2 percent in late Asian trading, while the S&P/ASX 200 was down 2.5 percent.
The local slide followed a near-matching surge yesterday.
Bargain hunters trying to buy the dip and nervous investors concerned the covid-19 outbreak could continue to worsen are pulling the market in opposite directions and creating volatility, said Matthew Goodson managing director of Salt Funds.
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