NZ shares had a bad hangover after a rough night globally

The Federal Reserve’s 50 basis point hike continues to make make massive waves through the markets. (Image: Getty)

Fri, 06 May 2022

International markets had a bad night which meant most stocks on New Zealand’s benchmark index got out of the wrong side of the bed when early trading opened this morning and went downhill from there.In the US, the Dow Jones Industrial Average declined 3.1% to a 26-month low while the tech-heavy Nasdaq plummeted 5% to its lowest level since November 2020.The S&P/NZX 50 index sank 138.1 points, or 1.2%, to 11,609.38. Within the broader equity market, an eye-watering 120 stocks fell and only 22 rose. Turnover was $141.3 million.Going in...

Subscribe to BusinessDesk

Unlock access to all stories with this special annual deal for just $99. Sale ends Monday 25 November 2024 11.59pm.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Subscription renews at $349. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}