Volatile day on the market; Shares started up but ended down
The S&P/NZX50 fell 75.74 points, or 0.8 percent, to 9,556.73. Within the index, 20 stocks fell, 20 rose and four were unchanged. Turnover was $252.4 million.
While the local market opened stronger following a lively lead from Wall Street overnight, the trend turned downward throughout the day as further effects of the national shutdown became apparent.
“This is a remarkable event for many companies, so the market is trying to feel out how much of this is temporary and how much is permanent,” said Matthew Goodson, managing director at Salt Funds Management.
Goodson said the volatility in markets was unprecedented, with Wall Street's S&P 500 falling 20 percent in just 19 days. The S&P 500 extended its recent gain last night, when it closed up 6.2 percent on the United States senate’s approval of a US$2 trillion fiscal stimulus package.
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