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Equity market slides under 11,000

The recent climb to above 11,000 on the NZX50 index was rapid by any terms – the fall off the peak has been even faster.

 On top of the weak sessions of the past two days, the markets slid 1.95% today.

Translated into points loss it was 217.70, dropping the index under 11,000 and to 10,924.85. No blame could be attached to tweet-mad Wall Str – the Dow Jones closed last night up a neat 73.92 at 26,909.43. What then could cause a peeling away from the ascent?

Fonterra’s review and a delayed result. Rating agency S&P said today “We believe the cooperative’s core function of collecting, processing and selling New Zealand milk remains fundamentally sound.”

S&P added the dairy exporter has maintained its global market leadership, milk buying dominance, and trade position as the lowest cost, large-scale producer globally.

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