MARKET CLOSE: NZ shares tank following sudden spread of covid-19

Mon, 24 Feb 2020

New Zealand shares fell as a sudden increase of coronavirus infections outside Chinese borders unwound earlier confidence the outbreak might be contained. The S&P/NZX 50 Index dropped 216.22 points, or 1.8 percent, to 11,857.12. Within the index, 42 stocks fell, seven gained, and one was unchanged. Turnover was $140 million. Michael McCarthy, chief market strategist at CMC Markets, said up until late last week global equity markets had reached consensus that the impact of covid-19 would be quickly dealt with and support from central bank...

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