NZX50 slumps 3% as investors flee for safe havens
The benchmark index decreased 334.09 points, or 2.9 percent, to 11,091.81. Within the index, 46 stocks fell, two rose, and two were unchanged. Turnover was $241.8 million.
Stock markets across Asia were pummelled today as investors reacted to the news that Russia and OPEC had failed to agree to oil production cuts, leading to the oil price to drop by as much as 20 percent.
Australia's S&P/ASX 200 Index had its worst opening since the 2008 global financial crisis and was trading down 6.2 percent in afternoon trading. Japan’s TOPIX index fell 5.2 percent, Hong Kong’s Hang Seng was down 3.5 percent and Shanghai’s SSEC decreased 2.4 percent.
The local NZX50 outperformed most of the region, although it still fell aggressively as investors fled to bonds, term deposits and gold - assets that are typically held at heightened times of uncertainty.
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