NZ shares slide as oil prices spike

Analysts have warned oil prices could hit US$150 a barrel. (Photo: Getty)

Mon, 07 Mar 2022

New Zealand's sharemarket started the week with a sharp drop as investors woke up to oil prices at their highest levels since 2008, spelling trouble for global growth.The S&P/NZX 50 Index fell 228 points, or 1.9%, to 11,913.27. Turnover was $145 million.Financial markets have been extremely volatile for the past few weeks as investors navigate the wide-reaching implications of Russia's invasion of Ukraine.US crude oil prices rose more than 25% last week and traded above US$115 (NZ$166) for the first time since 2008.Jarden analyst Ni...

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