NZX50 up around 1.5 percent on opening, as coronavirus fears linger

Markets around the world have fallen.
Markets around the world have fallen. Photo credit: File / Getty

The S&P NZX50 has opened for trading on Wednesday up about 1.5 percent as coronavirus continues to rattle markets both here and around the world.

On Tuesday, the NZX closed 1.75 percent down, after falling almost four percent on opening.

One senior trader at Kiwibank described the markets on Tuesday as a "sea of red", describing investors as making a "flight to safety".

The shock to the local market came as the world's economy had its worst day since the 2008 global financial crisis.

In the United States, the three main stock indexes fell more than seven percent on Monday (local time), before rebounding a little on Wednesday.

After plunging around 25 percent earlier this week, the price of Brent crude jumped almost 10 percent on Wednesday.

Speaking before the NZX opened on Wednesday, Ivan Diaz-Rainey, an associate professor at Otago University, said despite the slump so far markets here were holding up well compared to in other countries. 

"We have, in a sense, less risky stocks in our markets," he told Newshub.

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