Black Tuesday tagged posts

NZ Markets Keep Slipping Throughout Week

October 11, 2008 International FinanceNew Zealand FinanceNew Zealand Taxation  No comments

The week ending 12th of October, saw continued falls in the New Zealand Stock Exchange.

Following Black Tuesday, the New Zealand Stock Exchange (NZX) has progressively closed on a down note. The last trading day of the week, Friday the 10th of October, saw a fall of 4.724%. This trend is continued to an even greater extent in markets throughout the world. By trading close on the Friday, the Japanese market closed 7.7 % down, with drops as low as 11%, and the Australian market saw a drop of over 8%. Trading on the NZX on the Friday was characterized by the NZSX-50, which was faced with the fact that there were only 9 rises throughout the day, and 94 falls.

Locally, solutions have been proposed from many parties...

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NZX Continues in Uncertainty

October 2, 2008 International FinanceNew Zealand Finance  No comments

The New Zealand Stock Exchange (NZX) is still on uncertain grounds following its staggering drop on Tuesday the 30th of September.

At the time of writing, the NZX 50 index was at 3170 points, up 129 points from its lowest point this week, shortly after market opening on Tuesday. The weekly high was reached on the Thursday, at just below 3230 points.

The current bout of volatility is a product of the Wall St financial crisis. The weekly low, which is by some now being called “Black Tuesday”, was caused by the US Congress not passing the proposed $700 billion bailout plan. Analysts now say that this effect was purely reactionary and the recent optimism was more in line with the financial risk that New Zealand faces from the events on Wall Street...

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World and New Zealand Markets Suffer

October 1, 2008 International FinanceNew Zealand Finance  No comments

The NZX dropped almost 130 points in the first half of the 30th of September, in what many pundits are already calling “Black Tuesday”.

Markets around the world, including the New Zealand Stock Exchange (NZX) faced plummets after the news hit of the US Congresses’ rejection of the $700 billion bank bailout plan. While damage in New Zealand is said to be relatively minimal, due to the lower exposure to credit, drops have occurred and are unlikely to rise. The NZX reached its lowest point today shortly after 10am when it had dropped 144 points, although this has steadied out to 129 since.

The effect of the rejected bailout was felt harder in more relevant markets. The Dow Jones closed 770 points down, making it the worst drop in a single day on a points scale...

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