NZX rebounds after rough start to day on bank fears

Fears over Credit Suisse had investors on edge. (Image: Getty)

Thu, 16 Mar 2023

The New Zealand sharemarket’s nerves were soothed by a bumper profit from Fonterra and a new $1.6 billion takeover bid for Pushpay following another offshore banking scare and looming recession at home.The S&P/NZX 50 Index fell sharply at the opening on concerns about the outlook for Switzerland’s second-largest bank Credit Suisse, with its share price falling 24%.But following the Fonterra and Pushpay news the index found a spring in its step, rebounding impressively from a midday low of 11,529.95 and closing with a gain of 81....

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