US election keeps nervous investors on sidelines

The S&P/NZX 50 Index fell 13.64 points, or 0.1 percent, to 12,070.83. Within the index, 33 stocks fell, 11 rose and six were unchanged. Turnover was $123.8 million.

Investors are bracing for the likelihood the US presidential election will be contested. This is because of a change in voting behaviour due to covid-19 will mean votes will take much longer to count than in previous years.  

ASB economist Chris Tennent-Brown said the significant fall in share markets last week - the worst since the March meltdown - was partly due to financial markets pricing in this uncertainty.