Travel stocks drop as trans-Tasman bubble deflates

Air New Zealand had to cancel almost 90 flights due to the widespread covid outbreak in Aussie.(Image: Deposit Photos)

Mon, 28 Jun 2021

Travel stocks led the New Zealand stock market lower after the trans-Tasman bubble was paused due to a worsening covid outbreak in Australia that could lead to extended lockdowns. The S&P/NZX 50 Index fell 22.34 points, or 0.2%, to 12,603.75 with most stocks in decline. Turnover was $129 million. Greg Smith, head of research at Fat Prophets, said investors were reacting to the "high-profile” outbreak in various Australian states. Six states and territories are facing covid-19 outbreaks and the NZ government elected...

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