MARKET CLOSE: Stock rally stalls as US virus response disappoints

Wed, 11 Mar 2020

New Zealand shares turned around an early rally as a lack of follow-through from the US on how it would respond to the covid-19 outbreak disappointed investors. The S&P/NZX 50 Index rose as much as 2.7 percent in early trading as investors recovered some lost confidence after a savage start to the week. The stand-off between Russia and Saudi Arabia over oil production added more uncertainty to an environment where a global recession remains a live threat in the face of the virus outbreak. But the local benchmark index ended the day down 2...

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