24 Mar 2020

Sharemarket ends day up 7.2 percent after poor start

5:38 pm on 24 March 2020

The local sharemarket has clawed its way back from a weak start to the day to end up 7.2 percent.

No caption

Photo: Supplied

The benchmark Top-50 index was down about 1 percent in early trading, but rallied sharply in line with broad based buying for stocks that have been battered over the past two weeks.

The index's 610-point gain to 9,109, nearly erased yesterday's 7.6 percent drop.

There were strong price rises for tourism-related stocks and retirement village operators.

The Warehouse's share price also rose by more than a third, before it was placed in a trading halt.

The company called for the halt while it sorted out the confusion about whether or not it will be able to carry on trading through the Covid-19 lock-down period.

The Kiwi was trading at 57.9 US cents, 98.1 Australian and 49.7 british pence.