NZ shares tumble as traders eye potential US rate hikes

Sun, 11 Sep 2016

By Tina Morrison Sept. 12 (BusinessDesk) - New Zealand shares dropped sharply across the board, tracking global moves, as jittery traders eye potential interest rate hikes in the US. The benchmark S&P/NZX 50 Index shed 1.9 percent to 7,326.79 by late morning, its lowest level in almost a month. The decline was broad-based, as 49 stocks fell, just one was unchanged and none gained. Stocks across the globe declined on Friday after Boston Federal Reserve President Eric Rosengren signalled the Fed may be preparing to hike interest rates in...

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