NZ shares had a bad hangover after a rough night globally
In the US, the Dow Jones Industrial Average declined 3.1% to a 26-month low while the tech-heavy Nasdaq plummeted 5% to its lowest level since November 2020.
The S&P/NZX 50 index sank 138.1 points, or 1.2%, to 11,609.38. Within the broader equity market, an eye-watering 120 stocks fell and only 22 rose.
Turnover was $141.3 million. Going into the weekend, the Federal Reserve’s 50 basis point hike continues to make massive waves through the markets.
Peter McIntyre, an investment adviser at Craigs Investment Partners, said that the weakness in equity markets followed US economic data suggesting the Federal Reserve was concerned that inflation was getting “somewhat out of control”.
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