New Zealand shares dropped over a per cent as investors felt pre-US election jitters, with Tilt Renewables, Orion Health Group and Trade Me Group leading the index lower.
The S&P/NZX50 Index dropped 76.75 points, or 1.1 per cent, to 6,853.74. Within the index, 29 stocks fell, 12 rose and 10 were unchanged. Turnover was $150.3 million.
"There's pretty broad selling, and it's all pre-election risk-off in heightened uncertainty," said Daniel Metcalfe, senior investment advisor at OMF. "The market's had a pretty good run over the last few years, and this is one of the most interesting and fearful events we've had to deal with for a while. The volatility index in the US has increased quite significantly, it's spiked up having been quiet for some time. Spreads have widened significantly, which is a sign of people's fear right now."
Tilt Renewables, the windfarm operator carved out of Trustpower, was the worst performer on the index, down 4.6 per cent to $2.10, while Ryman Healthcare dropped 3.8 per cent to $8.56.
Orion Health Group hit an eight-month low, falling 3.8 per cent to $3.07.