NZ sharemarket tumbles half a percent

NZ sharemarket tumbles half a percent
The local market was softer than expected. (Image: Getty)
Graham Skellern
The New Zealand sharemarket tumbled nearly half a percent and defensive stocks were hit as wholesale interest rates crept up on further inflation concerns.The S&P/NZX 50 Index fell at the opening and traded steadily to close at 11,884.1, down 52.04 points or 0.44%.There were 60 gainers and 73 decliners on the main board, and volumes were again light with 26.88 million shares worth $91.79m changing hands.Paul Robertshawe, chief investment officer with Octagon Asset Management, said the local market was softer than expected. “There&rsqu...

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