‘Bloodbath’ on local market; NZX50 slumps 10%

By Paul McBeth | Mon, 23 Mar 2020


The S&P/NZX 50 Index slumped more than 10 percent for the first time ever as investors dumped shares as the government prepares to put New Zealand into lockdown.The benchmark index sank 943.79 points, or 10.3 percent, to 8,252.48 at 3pm in Wellington, the lowest level in two years. That's its biggest intraday decline ever, according to Refinitiv data.Travel companies and tourism operators have been among the hardest hit in recent months as investors weighed up the impact of the covid-19 outbreak. However, the government today ratcheted up i...