NZ sharemarket falls almost 1.5% as indexes rebalance

(Image: Getty)

Fri, 20 Sep 2024

The New Zealand sharemarket declined nearly 1.5% as stock prices bounced wildly on index rebalancing despite a sharp rebound on Wall Street.The S&P/NZX 50 Index fell 186.5 points or 1.47% throughout the day, closing at 12,478.5.The index finished the week down nearly 2.8% and is now 6.2% ahead for the year.There were 75 gainers and 68 decliners over the whole market on heavy volume of 249.1 million transactions worth $776.79m.The NZX, Australian ASX, FTSE Russell, and VanEck Exchange Trade Funds indices all underwent quarterly rebalances, a...

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