Tuesday, March 18, 2008

New Zealand sharemarket takes a tumble

The NZX 50, which measures the movement in the top 50 stocks in New Zealand, plummeted 2.1 percent to 3429.43 yesterday, in the wake of the weekend's bargain-basement sale of America's fifth-largest investment bank, Bear Stearns, and news of a further interest rate cut by the Federal Reserve.

This means the NZX 50 has fallen by nearly 21 percent since peaking last October, or by $11.4 billion in dollar terms.

The volatility in financial markets yesterday saw the kiwi dollar initially trade at more than US82c, and then plunge US2c to US80.55c.

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