Reuters reports that the coronavirus resurgence drove New Zealand shares lower, with the New Zealand benchmark S&P/NZX 50 index falling 1.3 percent to 1,491.91 at the end of trade. Losses were seen across almost all sectors.
Prime Minister Jacinda Ardern delayed a key step toward next month’s general election as the country was plunged into lockdown on discovering its first COVID-19 cases in more than three months.
“The lockdown has come as a big shock to citizens and investors alike… there was a real sense earlier that New Zealand had beaten the virus,” said Michael McCarthy, chief market strategist at CMC Markets.
Meanwhile, the Reserve Bank of New Zealand expanded its bond-buying programme and warned that policy rates might have to go below zero to revive its economy.
