NZX50 drops; THL plunges 30% as borders close

Mon, 16 Mar 2020

New Zealand shares fell in early trading as the government's decision to effectively close the country's borders saw many travel and tourism companies drop their earnings forecasts as they struggle to work out the impact of the outbreak. That was in spite of the Reserve Bank slashing the official cash rate by 75 basis points to a record low 0.25 percent, and saying its next move will be to embark on a quantitative easing programme by buying government bonds. At 10:30am in Wellington, the S&P/NZX50 was down 1.9 percent, or 185.2 po...

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