US rating downgrade rattles fragile investors and NZX50 dips

Sharemarkets around the globe reacted to the US rating downgrade. (Image: Getty)

Thu, 03 Aug 2023

The New Zealand sharemarket was down slightly as the United States credit rating downgrade reverberated around weaker offshore bourses.The S&P/NZX 50 Index followed the same pattern as the day before, down in the morning and recovering in the afternoon, to close at 11,936.62 and declining 25.41 points or 0.21%. The index reached an intraday low of 11,884.2 points.There was fragility, with 39 gainers and 90 decliners over the whole market, with 33.48 million shares worth $111.4m changing hands.Mark Lister, investment director with Craigs Inv...

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