18 Mar 2020

Stockmarket rise eases but ends positively

6:55 pm on 18 March 2020

The New Zealand stockmarket has run out of steam after rising 6 percent in early trading, but still ending the day - just - in positive territory.

New Zealand's NZX50 opened down more than two percent in the wake of volatile US trading

The NZX opened strongly for the first time in nearly two weeks. Photo: RNZ / Kate Newton

The NZX Top 50 index closed up 20 points - or 0.2 percent - to 9454.

It had opened strongly for the first time in nearly two weeks, after the United States main indices all closed up around 6 percent.

However, the Australian benchmark tumbled, dragging the NZX with it. When the NZX closed the ASX 200 was down around 6.5 percent.

Kathmandu and SkyCity were two of the biggest losers of the day - among others, they issued market updates advising profits would be affected by Covid-19 disruption.

The dollar is sitting around 59.5 US cents and 98.9 Australian.

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