NZ shares join global rout as fears of US recession grow
The S&P/NZX 50 Index dropped 188.55 points, or 1.5%, to 12,264.49, a two-and-a-half week low. The main board was a sea of red, with 111 stocks declining, 44 unchanged and just 24 gaining. Turnover was $172.3 million, more than July’s daily average value of $137m.
NZ’s stock market was the first to open this week after Friday’s sharp decline on Wall Street when US non-farm payrolls a higher unemployment rate than anticipated, raising fears of recession and pushing the Nasdaq 10% of its peak and into correction territory.
“It’s coming from all directions really – there’s a bit more concern about the US economy and a potential recession,” Grant Davies, an investment adviser at Hamilton Hindin Greene, said.
“New Zealand markets had a really good July and we’re giving a little bit back at the moment.”
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