Shares extend slide as global jitters dent growth stocks; Gentrack, Pushpay drop

The S&P/NZX 50 index dropped 74.01 points, or 0.9 percent, to 8,568.23. Within the index, 40 stocks fell, three gained and seven were unchanged. Turnover was $138.6 million

New Zealand fared better than markets across Asia, with Australia's S&P/ASX 200 index down 2.2 percent in afternoon trading and Hong Kong's Hang Seng falling 1.7 percent.

US stocks fell overnight, with the tech-heavy Nasdaq falling 4.4 percent amid general unease over global growth and the prospect of higher interest rates. The VIX - Wall Street's fear gauge - rose to 25.23, compared to its 20-year moving average of 13.35.

Local tech companies led the NZX 50 lower on very light volumes. Gentrack dropped 3.5 percent to $6.58 and Pushpay fell 2.8 percent to $3.48. A2 Milk is another momentum stock whose rapid gains in recent years have given it a bigger weighting on the index. It fell 2 percent to $9.90.