NZ sharemarket falls 1% to near-low for year

NZ sharemarket falls 1% to near-low for year
There were 98 decliners and 37 decliners over the whole market. (Image: Getty)
Graham Skellern
The New Zealand sharemarket tumbled 1% to a near-low for the year, triggered by a sell-off in leading stocks and not the tax-friendly Budget.The S&P/NZX 50 Index was already in a steep decline when the government announced income tax cuts worth $14.72 billion for the first time in 14 years and returning to an operating surplus in 2017-18. The index closed at 11,557.21, down 121.46 points or 1.04%. It was only the second time the index had gone under 11,600 points this year, on May 15, when it ended at 11,525.88.There were 98 decliners...

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