NZ stocks slump in line with global markets

The S&P/NZX 50 Index slipped gradually throughout the day and closed at 11,564.75, down 160.86 points or 1.37% – its biggest single-day fall in a month. The index is now only 0.8% for the year. 

There were 105 decliners and just 28 gainers over the whole market on light trading of 28.9 million share transactions worth $97.67m. 

David McConnochie, an investment adviser with Forsyth Barr, said the increased volatility has continued from last week. “Markets are firmly focussed on the financial sector globally and this has flowed into New Zealand.” 

Over the weekend, Swiss rival UBS agreed to take over Credit Suisse for US$3.2 billion (NZ$5.11b) with the combined bank having US$5 trillion in assets.