NZ shares fall as Melbourne lockdown spooks investors

The S&P/NZX 50 Index declined 36.46 points, or 0.3 percent, to 11,707.27. Within the index, 28 stocks fell, 15 rose, and seven were unchanged. Turnover was $129 million.

Hopes of a swift Australian recovery from the covid-19 pandemic and its resulting economic loss evaporated last night as the Victorian state government put the country's second-biggest city into its second lockdown.

Melbourne residents are confined to their homes unless undertaking essential business for six weeks in an effort to contain a fresh coronavirus outbreak.

Australian federal government treasurer Josh Frydenberg said the country could take a A$1 billion economic hit each week as a result of the lockdown.