Strong kiwi weighs down shares

The S&P/NZX 50 Index fell 143.61 points, or 1.2 percent, to 11,633.52. Within the index, 32 stocks fell, 13 rose and five were unchanged. Turnover was $420.8 million.

The index moved sharply lower in an extended session to accommodate heavy volumes as the S&P/NZX and FTSE Russell Indices completed their quarterly rebalance.  

A poor lead from US share markets set a negative tone for the session, carrying a trend from a disappointing announcement by the Federal Reserve on Thursday.

Chris Smith, general manager of CMC Markets NZ, said investors had been disappointed the American central bank offered no further quantitative easing staying in “wait-and-see mode”.