NZ benchmark stock index drops 1% as ECB weighs on global markets

Fri, 04 Dec 2015

By Sophie Boot Dec. 4 (BusinessDesk) - New Zealand's benchmark S&P/NZX 50 Index dropped 1.1 percent after the European Central Bank eased policy less than expected and Federal Reserve chair Janet Yellen stoked expectations of a Fed hike this month, eroding the appeal of higher-yielding stocks. The NZX 50 dropped to 6046, a week-low, as 42 of the 50 stocks in the index fell. Meridian Energy, the country's biggest electricity generator, led the decline, falling 3.4 percent to $2.27. Spark New Zealand, the country's biggest telecommunication...

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