Business

NZ sharemarket ends day down 2.2 percent

18:33 pm on 12 June 2020

The local sharemarket has had its worst single session in six weeks, but regained some lost ground.

Photo: RNZ / Rebekah Parsons-King

The benchmark top-50 index ended the day down 2.2 percent, having fallen as much as 4.5 percent in early trading after opening 3 percent down.

Local investors were spooked by a plunge of more than 5 percent in US stocks overnight on fears of a resurgence of Covid-19 cases and the likelihood of a slower than expected economic recovery.

Brokers have been warning markets were looking overheated and were due for a correction, as investors got too carried away on expectations of recovery from the pandemic.