Resilient NZ market an attractive harbour for nervous investors
The S&P/NZX 50 Index rose 58.19 points, or 0.4 percent, to 11,805.14. Within the index, 21 stocks rose, 24 fell and five were unchanged. Turnover was $142.1 million.
Markets across Asia took a cautionary tone today as increased fears of the coronavirus reaching epidemic proportions after the World Health Organisation called an emergency meeting. Hong Kong's Hang Seng was down 2.3 percent in afternoon trading, and Australia's S&P/ASX 200 Index declined 0.4 percent.
Stephen Innes, chief market strategist at AxiCorp said the markets had underestimated the potential impact of an epidemic on the global economy.
“It's an essential enough development that that market will continue to monitor on the risk radar as if things turn critical; it could provide a massive blow to the airline industry and a knockout punch to local tourism,” he said in a note.
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