Stocks hit record lows as market suffers
The S&P/NZX Index dropped 340.36 points, or 3.6 percent, to 9,114.5. Within the index, 45 stocks fell, three rose and two were unchanged. Turnover was $275.2 million.
Markets remain in upheaval as the covid-19 outbreak worsens. Investors today returned to sell-mode as concerns set in that the stimulus package would not be enough to offset a significant recession.
Stuart Williams, head of equities at Nikko Asset Management, said the market was experiencing "logical volatility" rather than "panic selling" as investors worked through the uncertainty of the global recession.
“The world is in a pretty tricky spot, and investors are grappling with a lot of things,” he said. “The market is operating in the normal way, it’s just the prices are down,” he said.
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