New Zealand stock market claws way up

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The New Zealand stock market has made a comeback, taking the lead from Australia and boosted by the government’s support package for business.

The NZX Top 50 Index clawed its way back from a drop of about 5 percent in early trading to end the day down just 0.4 percent or by 42 points to 9435.

The local market followed the ASX 200 up, after Australia’s near 10 percent drop yesterday – its worst day since 1987.

Wall Street also had its worst session since the global financial crisis – with all the main indices down about 12 percent.

Back home, travel and tourism-related companies remain under pressure while Air New Zealand is still in a trading halt.

The dollar is steady at around 60.5 US cents and 98.9 Australian.

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