The local sharemarket has clawed back some of its early trading losses, as global markets fell amid concerns the United States Federal Reserve will take aggressive action to control inflation.
Photo: RNZ / Angus Dreaver
The top 50 index fell 1.8 percent during early trading - the biggest single session decline since late January last year.
But it has recovered throughout the afternoon to end the day, down 1.27 percent or by 157 points to 12,191 - a near eight-month low.
The recovery has been led by medical equipment company Fisher & Paykel Healthcare, which manufactures products for respiratory care.
Brad Gordon of Hobson Wealth Partners said it has been a wobbly start for global equity markets in 2022.
He said a big worry was a sharp rise in interest rates as a result of the December inflation numbers in the US.
The New Zealand market, which contracted about 3 percent last year, has fallen about 7 percent since the new year.