NZ shares sink as dour earnings highlight soggy economy

Turnover on the NZX for the day was $110.6 million. (Image: Getty)

Tue, 27 Aug 2024

New Zealand shares fell as soft earnings from Tourism Holdings and Vulcan Steel highlighted the strains still facing the local economy. Spark New Zealand hit a four-year low. The S&P/NZX 50 Index dropped 138.72 points, or 1.1%, to 12,451.11. Across the main board, 90 stocks fell, 46 rose and 43 were unchanged. Turnover was $110.6 million, with seven companies trading on volumes of more than a million shares. The local earnings season continued to highlight how tough domestic economic conditions have been as household budgets rem...

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