24 Feb 2020

New Zealand stock market has worst day in four months amid coronavirus concerns

6:31 pm on 24 February 2020

The New Zealand stock market has had its worse day in four months, amid fears the impact of the Covid-19 virus is widening.

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The NZX Top 50 Index is down 216 points - about 1.8 percent.

The biggest drops have been in aviation, tourism related stocks and others reliant on China.

The market was led lower by Air New Zealand, which fell nearly 6 percent, after warning its earnings may be hit as much as $75 million by the virus.

The spread of the virus outside China has darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East.

Australia's benchmark index is also down about 2.25 percent, and Asian markets are softer.