Pedestrians are reflected on a window as they walk past a board displaying stock prices at the Australian Stock Exchange in Sydney. Photo: AFP / David Gray
Three billion dollars has been wiped off the value of New Zealand's share market as the rout of global financial markets finally caught up with the local market.
The benchmark NZX 50 index fell 3.7 percent to 11,776 points - its worst session since the start of the Covid-19 pandemic in 2020.
Medical equipment maker Fisher & Paykel Healthcare's share price fell 3 percent, while freight and logistics giant Mainfreight fell 7 percent. Other notable falls included Fletcher Building down 7 percent, Auckland Airport down 3.7 percent and Air New Zealand down 4.1 percent.
Overseas markets have also tumbled, with sharp falls in Australia, Japan and Hong Kong. All eyes will next be on European markets, which open in the next few hours.
In the US, Wall Street resumes its new trading week overnight New Zealand time, with futures markets pointing to another steep sell-off.
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