Trump's trade tweets drive NZ shares lower; Freightways caution weighs
The S&P/NZX 50 Index dropped 138.88 points, 1.3 percent, to 10,483.47. Within the index, 43 stocks fell, three rose, and four were unchanged. Turnover was $103 million, with just four stocks trading on volumes of more than a million shares.
Stocks across the Asia Pacific followed Wall Street lower with investors spooked by Trump's escalating rhetoric with China. Hong Kong's Hang Seng was the hardest hit in Asia, down 3.1 percent in afternoon trading, while Australia's S&P/ASX 200 Index fell 1.6 percent and Singapore's Straits Times Index was down 1.7 percent.
"Trump seems to be losing patience quite dramatically at the moment. It's lifted to another level and the markets were pretty keen to de-risk themselves over the weekend," said Peter McIntyre, an investment advisor at Craigs Investment Partners.
Still, the light trading volumes indicated that overseas investors weren't fleeing the New Zealand market, which would have weighed more heavily on the more liquid stocks, he said.
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