MARKET CLOSE: NZ shares fall as investors fear slow global recovery

Thu, 14 May 2020

New Zealand shares fell as a warning of slow economic recovery from the US Federal Reserve prompted a global retreat from equity markets. The S&P/NZX 50 Index fell 42.87 points, or 0.4 percent, to 10,745.16. Within the index, 27 stocks fell, 18 rose and were five unchanged. Turnover was $148 million. Overnight, investors heeded US Fed chair Jerome Powell’s warning of an “extended period” of weak economic growth, triggering a correction in markets pricing in a swifter recovery. Wall Street tumbled following the webcast speech, the S&P 5...

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