New Zealand Stocks Fall Into Bear Market on Border Restrictions

(Bloomberg) -- New Zealand shares slipped in to a bear market after its central bank slashed the benchmark interest rate to support the economy and tourism-related shares were impacted by stricter border controls.

The S&P/NZX 50 Gross index fell 3.6% to 9,476.941 as of 5 p.m. in Wellington, as the central bank cut interest rates 75 basis points to 0.25% to support the domestic economy. The benchmark index is down 22% from the Feb. 21 record.

Tourism Holdings Ltd. led the declines after abandoning its profit guidance on Friday amid rising concerns about the spread of the coronavirus. Auckland International Airport Ltd. slumped 18% after scrapping its earnings target due to the border restrictions.

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