Market gives back all recent gains

The S&P/NZX 50 Index declined 105.46 points, or 0.9 percent, to 11,505.06. Within the index, 16 stocks fell, 24 rose, and 10 were unchanged. Turnover was $214.9 million.

The benchmark started the day on a positive note but dropped when the Australian market opened at midday. Australian shares were weaker as surging covid-19 cases forced investors to consider the possibility of a second round of economic damage.

Asian share markets were further discouraged by mounting tensions between the United States and China. Overnight, US Secretary of State Mike Pompeo said the US would impose visa restrictions on Chinese firms that he accused of facilitating human-rights violations.

Grant Williamson, a director at Hamilton Hindin Greene, said it was a surprise to see the market weaker after a strong lead from Wall Street.