Ugly week ends on the sharemarket
The day after the worst Wall Street sell-down in five years, the S&P/NZX 50 Index had a sharp fall at the opening and then traded steadily to close at 12,225.28, down 113.29 points or 0.92%.
There were 27.75 million share transactions worth $105.94m. The index declined 0.5% for the week and is now down 6.8% for the year.
Mark Lister, investment director with Craigs Investment Partners, said the local market avoided the bulk of the volatility – “in that context we’ve done pretty good. The tariffs we face are more modest, and many of the stocks on our market are domestic-focussed.”
Lister said the big questions now are whether “we will see the tariff situation get worse or will negotiations take place (to reduce the tariffs) and soften the blow. The tariffs will definitely impact growth, and do they push the US into a recession?
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