NZ shares tank following sudden spread of covid-19
The S&P/NZX 50 Index dropped 216.22 points, or 1.8 percent, to 11,857.12. Within the index, 42 stocks fell, seven gained, and one was unchanged. Turnover was $140 million.
Michael McCarthy, chief market strategist at CMC Markets, said up until late last week global equity markets had reached consensus that the impact of covid-19 would be quickly dealt with and support from central banks would offset any danger.
However, that changed over the weekend as reports of surging infections in South Korea, Italy and Iran dashed those hopes.
“As we have had reports of the virus spreading all around the globe, it has really got markets rethinking that complacency. What we are see is a very quick adjustment in thinking and that is being reflected in some very heavy selling across the region,” McCarthy said.
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