24 Sep 2011

NZ market down nearly 1% at close

4:28 am on 24 September 2011

The New Zealand sharemarket had a relatively muted reaction to the turmoil that swept northern hemisphere markets.

At the close of trade on Friday, the NZX 50 index of shares was down 29 points, or 0.89%, to 3282.

But Asian shares fell sharply, with South Korea's main Kospi index slumping 5.7% and Australia's ASX losing 1.6%. Japan's Nikkei was closed for a public holiday.

The falls come after Wall Street dropped 3.5% on Thursday amid growing concerns for the the world market. European markets were also down signficantly.

At 5pm on Friday, the New Zealand dollar was buying US78 cents, up slightly from its low of 77.5 cents in the morning.