NZ sharemarket falls nearly 1% on recession news

NZX joins the falling dollar. (Image: Getty)

Thu, 19 Dec 2024

The New Zealand sharemarket tumbled nearly 1% on the revelation that the country was in a deeper recession than expected – and the NZ dollar hit a 15-year low. The S&P/NZX 50 Index was weak right from its opening and closed at 12,754.15, down 111.4 points or 0.87%. There were 37.1 million share transactions worth $146.6m.'Turned a corner'NZ’s gross domestic product (GDP) fell 1% in the September quarter, and the June quarter was revised to a decrease of 1.1% – the worst six-month period since 1991 (exclud...

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