New Zealand Stock Markets
Fears of a steep dive on the NZX sharemarket were averted
on Wednesday after a partial recovery on Wall Street took the sting out
of what had been expected to be an ugly day's trading.
The NZX50 opened down 1.9 per cent after dodging the worst of the global correction thanks to the Waitangi Day holiday on Tuesday.
It closed down only 0.6 per cent, or 47 points lower, after investors appeared to conclude that the long-forecast correction that has rattled global markets might be over and started hunting for bargains.
Sharemarkets around the world fell sharply on Tuesday, when New Zealand financial markets were closed.
But the S&P 500 index regained 1.75 per cent and the Nasdaq composite index closed up 2.1 per cent on Wednesday morning, New Zealand time, just in time for the reopening of New Zealand exchange.
With stocks calming, investors also unwound safe haven positions in currencies.
That saw the Japanese yen retreat and a rally in riskier plays such as the Australian and New Zealand dollars.
The Aussie was up at 86.40 yen from a low of 84.95, while the U.S. dollar popped to 109.48 yen from a trough of 108.46.
The euro was relatively stable at $1.2377, while the dollar edged up 0.07 per cent against a basket of currencies to 89.647.
The NZX50 opened down 1.9 per cent after dodging the worst of the global correction thanks to the Waitangi Day holiday on Tuesday.
It closed down only 0.6 per cent, or 47 points lower, after investors appeared to conclude that the long-forecast correction that has rattled global markets might be over and started hunting for bargains.
Sharemarkets around the world fell sharply on Tuesday, when New Zealand financial markets were closed.
But the S&P 500 index regained 1.75 per cent and the Nasdaq composite index closed up 2.1 per cent on Wednesday morning, New Zealand time, just in time for the reopening of New Zealand exchange.
With stocks calming, investors also unwound safe haven positions in currencies.
That saw the Japanese yen retreat and a rally in riskier plays such as the Australian and New Zealand dollars.
The Aussie was up at 86.40 yen from a low of 84.95, while the U.S. dollar popped to 109.48 yen from a trough of 108.46.
The euro was relatively stable at $1.2377, while the dollar edged up 0.07 per cent against a basket of currencies to 89.647.
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