Thursday, December 22, 2011

New Zealand dollar down after news of Earthquakes december dec 23 2011

New Zealand dollar down after news of Earthquakes december dec 23 2011 ; The New Zealand dollar briefly dipped to $0.7725 from $0.7740 in thin trading after news of the quake, before recovering. New Zealand stocks cut pared gains to trade up 0.14 percent.

New Zealand straddles the boundaries of the Indo-Australian and the Pacific tectonic plates and is hit by about 14,000 quakes every year, of which only a small number usually top a magnitude of 5.

Scientists had warned after the February quake that there would be further shakes, probably as large as magnitude 6.

"In coming days the most likely scenario is that there'll be a series of aftershocks in a similar location and they'll gradually drop off," Ken Gledhill a seismologist with GNS Science told TVNZ.

"This is just a reminder that this area is more active than it was in September 2010." ($1 = 1.2914 New Zealand dollars) For the latest updates on the stock market, visit Stock Market Today
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