NZ stocks resume slide as French banks come under pressure, Wall St drops
Aug. 11 (BusinessDesk) - New Zealand stocks fell, erasing much of yesterday’s relief rally and edging back toward an 11-month low as speculation about the health of France’s banks and credit rating sent global equity markets lower.
The NZX 50 Index fell 57.90, or 1.8%, to 3,125.83 at the open, having gained 2.9% yesterday. The index shed more than 8% in the preceding three sessions.
Manufacturers led the slide. Tap maker Methven Ltd. fell 4.8% to $1.38 and Nuplex Industries, the specialty chemicals maker, dropped 4.2% to $2.29.
Australia & New Zealand Banking Group fell about 4% to $23.82. On Wall Street, the Dow Jones Industrial Average tumbled 4.6% and in Europe, France’s CAC 40 declined 5.5%, led by a 15% drop in Societe Generale.