Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


NZ shares tumble 2.8% to 11-month low after US stock rout

NZ shares tumble 2.8% to 11-month low after US stock rout

New Zealand shares tumbled 2.8% to an 11-month low following a rout in U.S. equities in the first day of American trading after the unprecedented cut to the U.S. credit rating.

The benchmark NZX 50 Index tumbled 89.43 points to 3096.02 when the market opened at 10 a.m., the lowest level since Sept. 2, 2010, and extending the steepest slide on the local bourse since the collapse of Lehman Brothers in September 2008. On Wall Street, the Standard & Poor’s 500 Index slumped 6.7% as investors fled stocks for the safety of bonds’ fixed payments.

Australasian foodmaker Goodman Fielder led the decline, falling 6.7% to 98 cents. Fisher & Paykel Healthcare, which gets more than 50% of its sales in U.S. dollars, shed 6.5% to $2.15.

Sky City Entertainment Group dropped 4.8% to $3.20.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Energy Resources Aotearoa: Doubling Of Coal Use Shows Need For Local Natural Gas

New figures showing a near doubling of coal-fired electricity generation highlight New Zealand’s energy shortage and the need for natural gas as a lower carbon alternative, according to Energy Resources Aotearoa... More>>

E Tu: ‘Sense Of Mourning’ As Norske Skog Mill Set To Close

Workers at Norske Skog’s Tasman Mill now know they’ll be losing their jobs in little over a month’s time.
On Wednesday afternoon, workers were told the mill will be stopping production from the end of June... More>>

Stats NZ: Card Spending Sees Strong Growth In May

Seasonally adjusted card spending rose by $189 million (2.3 percent) between April 2021 and May 2021, Stats NZ said today.
Spending rose across all industries for the first time since New Zealand moved to level 1 in June 2020... More>>

Auction: 1.4 Million In Rare Vintage Watches, Gems, Jewels & Diamonds Go Under The Hammer At Webb’s

An auction event showcasing over 1.4 Million dollars in rare jewels, gems, diamonds and vintage watches is due to take place this Sunday by Auckland based auction house Webb’s... More>>

Catalist: NZ’s New SME Stock Exchange, Gets Licence To Go Public

New Zealand has a new stock exchange – designed specifically for small and medium-sized businesses (SMEs) to raise up to $20 million a year from the public.
Called Catalist, the exchange has already been successfully working the private investment sector.... More>>

E-Commerce: Over 40% Of Those Engaged In The Bitcoin Community Are Millennials

Bitcoin has emerged to be a popular topic among millennials with digital currency increasingly being viewed as a potential source of creating wealth through investments. The interest in bitcoin by millennials signals the role this age group plays in the possible realization of the digital currency’s mass adoption... More>>