NZ shares finish shocker week down 3.5%

The local share market is following US shares lower as investors ditch stocks ahead of interest rate hikes. (Image: Getty)

Dan Brunskill

Fri, 21 Jan 2022

New Zealand shares fell on Friday as the local market continued to follow the US which has been falling precipitously ahead of interest rate hikes pencilled in for March.The S&P/NZX 50 Index fell 149.1 points, or 1.2%, to 12,348. Turnover was $172 million.US markets spent most of the overnight session trading higher but reversed course in the last two hours of trading.Perhaps investors were listening to a warning from well-known investor Jeremy Grantham, who released a paper arguing the US markets were approaching the end of a “super-...

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