NZX50 sinks 8.5% as investors eye company balance sheets

By Paul McBeth | Mon, 23 Mar 2020


The S&P/NZX 50 Index dropped 8.5 percent in early afternoon trading as investors have shifted their focus to whether firms are strong enough to withstand a protracted downturn. The benchmark index fell 785.52 points to 8,410.90 at 1pm in Wellington. It earlier dropped as low as 8,388.08, the lowest since April 2018, but clawed back some of those losses when Australia’s S&P/ASX 200 Index opened. Australia’s benchmark index was recently down 5.7 percent. Peter McIntyre, an investment adviser at Craigs Investment Partners, said the local mar...