NZX 50 index drops below 12,000 points

Fri, 28 Jan 2022

New Zealand's main share index plunged almost 200 points to its lowest level since October 2020 as investors ditch stocks across the board in response to rising interest rates.The S&P/NZX 50 Index fell 198 points, or 1.6%, to 11,852.15. Turnover was $202 million.Equity markets have been in decline for the entire month as investors recalibrate company valuations in the context of higher interest rates, which are expected to shoot up as central banks try to rein in inflation.“The US Federal Reserve got inflation wrong and the scramb...

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