Cautious trading follows week of share market turmoil
It’s been a rocky week overall for NZ shares because earlier in the week the index sank 2.6% before picking up some ground on Wednesday and finding a skip in its step yesterday.
It struggled to retain that sparkle this morning as the S&P/NZX 50 dropped almost 2% in its first hour of trading. But it slowly regained the lost ground over the course of the day and ended the week down by just half a point.
The S&P/NZX 50 Index fell 57.3 points, or 0.54%, to 10,589.19. Turnover was extremely high at $439.7 million, thanks to the index resettlement at the end of the day.
Yesterday, the US Federal Reserve announced the largest interest rate increase since 1994 – with the warning that the Fed was going to continue to raise rates through next year. This sent investors scrambling.
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