( dpa ) - The New Zealand stock market fell more than 2.5 per cent on Friday, with its benchmark index of top 50 stocks dropping to its lowest level since December 2005.
By early afternoon, the index had fallen 78 points from Thursday's closing mark to 3,213, and recovering marginally to be down 2.44 per cent.
Analysts blamed a 3-per-cent plunge overnight on Wall Street, news that the New Zealand economy had contracted 0.3 per cent in the March quarter and profit downgrades by two major discount retail chains for having spooked investors.