New Zealand Stocks Gyrate on First Government Change in a Decade [Bloomberg Business News]
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Source: Bloomberg Business News
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 fell as much as 1.2 percent in Wellington but almost recouped those losses by 1:44 p.m. in Wellington, trading little changed. The benchmark was poised to end a 13-day winning streak, during which it set multiple records. 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. The coalition’s announcement
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