According to abc news, New Zealand's benchmark S&P/NZX 50 index was down 0.6 percent in
early trading. Among the stocks to decline was the national carrier, Air
New Zealand, which was trading down 1.4 percent.
Australia's market dropped even more steeply when it opened. The
benchmark S&P/ASX200 index fell 1.4 percent in initial trading and
the broader All Ordinaries similarly fell 1.3 percent.
But within an hour, both indices had made up ground to be down 0.8 percent.
David Lennox, an analyst with wealth manager Fat Prophets, said gold was
predictably the winning stock as a safe haven investment. The gold
sector rose 3.3 percent in early trading while all other stocks
initially lost ground. The banking sector was among the worst
performers, down 1.1 percent.
"That's to be expected given that it's financial assets that tend to get
impacted by events like these," Lennox said. "Our market has been
fairly subdued."
Australian Chamber of Commerce and Industry chief executive Kate Carnell
said past experience of major terrorist attacks showed that share
markets usually recovered within a couple of days and consumer spending
also quickly rebounded.
"Now people have come to grips with the fact that we live in a very
unstable and very challenging world," Carnell told reporters in
Canberra, Australia.
The markets opened as France launched air strikes on the Islamic State group's stronghold in Raqqa, Syria. The Islamic State claimed responsibility for the attacks in Paris.
Police have announced seven arrests in the case and say they're hunting for more suspects.
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