US banking and NZ inflation worries causes sharemarket slump

(Image: Getty)

Wed, 03 May 2023

The New Zealand sharemarket slumped more than 1% as banking concerns in the United States and inflation worries here again rippled to the surface.The S&P/NZX 50 Index continued to slide all day and closed at 11,907.99, down 129.82 points or 1.08% – the biggest single-day fall in five weeks. The index has now risen 3.8% so far this year.There were 112 decliners and 23 gainers over the whole market on volume of 29.76 million share transactions worth $107.57m.The major US indices fell sharply overnight as investors questioned the stabili...

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