Strong kiwi weighs on exporters pushing sharemarket down
The S&P/NZX 50 Index dropped 225.47 points, or 2 percent, to 11,298.69. Within the index, 29 fell, 17 stocks rose, and four were unchanged. Turnover was $264.3 million.
The local benchmark was off the pace as stock markets across Asia followed Wall Street, where the Nasdaq hit an all-time high on optimism about the global recovery. That has helped push the kiwi dollar to a five-month high as investors return to risk-sensitive assets.
Australia’s S&P/ASX 200 Index gained 2.8 percent in afternoon trading, catching up after yesterday's Queen's Birthday public holiday there.
“Fisher & Paykel and A2 Milk are doing most of the damage,” said Grant Davies, an investment adviser at Hamilton Hindin Greene.
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