The stock market in New Zealand fell 113 points, or 0.9%, to 12,208 in morning trade on Thursday after being flat the day before, amid worries of a potential global trade war following Trump’s tariffs announcement.
The NZX tracked a plunge in U.S. stock futures, as the market reacted to Trump’s tariffs announcement.
Trump would impose a 10% baseline tariff on all imports to the U.S. and higher duties on some of the country’s biggest trading partners, including responding to what he said was a 20% tariff on U.S. goods from New Zealand.
The baseline tariff is 10%, which will apply to New Zealand.
Almost all sectors traded in the red, with energy falling the most, followed by industrials, materials, and utilities.
Among the biggest laggards were Skellerup Holdings (-1.7%), F&C Investment Trust (-1.6%), ANZ Group (-1.2%), AFT Pharmaceuticals (-1.2%), Gentrack Group (-1.2%), Fisher & Paykel (-0.9%), and A2 Milk (-0.8%).