MARKET CLOSE: New Zealand shares ease as govt unveils $12.1b crutch for business

Tue, 17 Mar 2020

New Zealand shares recovered from an early selloff as the government announced a $12.1 billion stimulus package to bolster the domestic economy in the face of a looming recession. The S&P/NZX 50 Index declined 42.20 points, or 0.4 percent, to 9,434.74, its seventh consecutive decline. Within the index, 29 stocks fell, 18 rose, and three were unchanged. Turnover was heavier than usual at $316 million. Finance Minister Grant Robertson today announced $12.1 billion would be injected into the economy to soften the impact of the global pandemi...

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