3 Feb 2020

NZX bounces back

6:25 pm on 3 February 2020

The New Zealand stock market has bounced back from its lows today, amid heightened concerns about the Wuhan coronavirus.

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Photo: Supplied / NZX

The NZX Top 50 index was down about 2 percent at the open, but recovered to end the day down 1.4 percent.

Tourism-related stocks were hit hard, as well as export and transport companies, such as A2Milk and Mainfreight.

However, Fisher & Paykel Healthcare, which manufactures respiratory equipment for homes and hospitals, gained 0.5 percent.

Chinese stock and commodity markets also fell heavily at their open, as it was the first trading session following an extended Lunar New Year break.

China's central bank moved to bolster markets by increasing the supply of money to banks - by injecting 1.2 trillion yuan (NZ$264 billion) into money markets through reverse bond repurchase agreements.