Business News
New Zealand dollar, stocks follow global slump
Aug 4, 2011, 23:13 GMT
Wellington - The New Zealand stock market has followed the lead of global markets and fallen 2.5 per cent, shortly after trading began Friday morning.
Fifteen minutes after opening, the NZX50 was down 85 points to 3,292.
The drop followed the steepest one-day selloff on Wall Street since 2009 and panic selling on European markets, as fears about the global economy and the European sovereign debt crisis.
The New Zealand dollar suffered a similar fate after pushing record highs in recent weeks.
Mid-morning on Friday, the currency was trading at 0.8325 US dollars, a fall of 3 US cents in less than a day.
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