The NZX50 remained steady as overseas markets get spooked

Fitch ratings spooked investors with a US downgrade. (Image: Getty)

Wed, 02 Aug 2023

The New Zealand sharemarket shrugged off weak offshore bourses as the United States credit rating was downgraded because of “a steady deterioration in standards of governance”.After a mixed day on Wall Street, the S&P/NZX 50 Index fell sharply in the morning to a low of 11,924.15 but then recovered to finish flat at 11,962.04, down 18.36 points or 0.15%.There were 52 gainers and 76 decliners on the main board, with 30.43 million shares worth $107.06m changing hands.Rating agency Fitch put the cat among the pigeons by downgrading...

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