New Zealand Stocks Gyrate as Conservative Nationals Ousted [Bloomberg Business News]
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Source: Bloomberg Business News
By Matthew Burgess More stories by Matthew Burgess Labour’s Ardern set to lead after winning NZ First support Deal ‘light on detail’, market ‘nervous’: First NZ’s Norling New Zealand stocks swung as investors reacted to the first change in the nation’s government in nearly 10 years. The S&P/NZX 50 Gross Index closed up less than 0.1 percent, at 8,131.07, after falling as much as 1.2 percent. The benchmark set a fresh record and extended its winning streak to 14 days, the longest since 2011. The local dollar extended losses against the greenback. The Labour Party’s Jacinda Ardern on Thursday won the support of the smaller New Zealand First Party to form a coalition government, ousting the conservative Nationals after three, three-year terms. The eventual victors had campaigned to make housing more affordable and reduce immigration, a move that may dampen economic growth
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