NZX50 drops 2.7% as Wall St rout knocks local growth stocks

Thu, 11 Oct 2018

By Paul McBeth Oct. 11 (BusinessDesk) - New Zealand shares fell in a widespread sell-off as rising US interest rates caused investors globally to rethink their attachment to growth-orientated stocks. The S&P/NZX 50 index dropped 240.48 points, or 2.7 percent to 8,810.34 as at 1.05pm. That followed a 3.2 percent slide in the Dow Jones Industrial Average. Australia's S&P/200 index was down 1.8 percent. Of the top 50 local stocks, 47 were in the red, while just three were unchanged. New Zealand's benchmark index is heading for its ninth...

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