Market Close: Downwards trend continues for another session

Wednesday 2nd July 2008

The trend continued downwards today as the market extended its losses for the fourth consecutive trading session.

The sharemarket fell slightly today with the NZSE50 down -0.37% percent from previous close, to end the day at 3,163.

The most actively traded stock was Telecom, with over 6.4 million shares changing hands, closing the day down 1.74% from its opening to end at $3.39 and Contact Energy plunged 3.1% to $7.88, but Fletcher Building gained 0.8% to $6.32.

In the retail space, Hallenstein Glasson jumped 3.2% to $2.61, Michael Hill surged 4.2% to 75c and Pumpkin Patch advanced 2.1% to $1.43. Hellaby Holdings lost 2.4% to $1.60 and The Warehouse Group shed 0.5% to $3.90.

The star of the day was Dorchester Pacific, up 64% to end at 22c, who announced that they expect to make full repayment to debenture and note holders under a deferred payment plan.

The Australian stock market closed at its lowest in more than three months after falls in the resource sector and big retailers. At the close, the benchmark S&P/ASX200 index was 44.1 points, or 0.86%, lower at 5094.8, while the broader All Ordinaries lost 49.5 points, or 0.94%, to 5211.6.

Wall Street finished moderately higher Tuesday on the back of a better than expected report on manufacturing along with some positive data within the automotive sector. The Dow Jones industrial average rose 32.25 points, or 0.28%, to 11,382.26. The Standard & Poor's 500 Index gained 4.91 points, or 0.38%, to 1,284.91.
The Nasdaq Composite Index advanced 11.99 points, or 0.52%, to 2,304.97.

NZ Top 50	3,163.386	-11.888 (-0.37%)
ASX 200	5,094.800	-44.100 (-0.86%)
Dow	11,382.26	+32.25 (+0.28%)
Nasdaq	2,304.97	+11.99 (+0.52%)
FTSE 100	5,479.90	-146.00 (-2.60%)

NZX TOP 50
As at: 2/07/2008 5:34pm
CODE	LAST	+/-
AIA	1.95	+0.01
AIR	1.11	+0.03
AMP	8.32	+0.02
ANZ	23.24	+0.60
APN	3.90	0.00
APT	1.15	-0.01
CAV	2.30	-0.02
CEN	7.88	-0.25
EBO	4.24	-0.11
FBU	6.32	+0.05
FPA	1.94	0.00
FPH	2.35	-0.02
FRE	2.95	+0.01
GFF	1.75	-0.03
GMT	1.21	+0.01
GPG	1.39	+0.02
HLG	2.61	+0.08
IFT	1.86	-0.01
IMP	1.12	+0.02
ING	0.89	-0.01
KIP	1.18	-0.01
LNN	10.56	+0.06
MFT	6.35	+0.05
MHI	0.75	+0.03
MVN	1.50	0.00
NPX	5.10	0.00
NZO	1.81	-0.05
NZR	6.99	-0.06
NZS	1.80	+0.05
NZX	7.45	+0.15
PFI	1.17	+0.02
PGW	2.57	+0.03
POT	6.65	+0.15
PPL	1.43	+0.03
PRC	2.40	+0.05
RAK	2.88	+0.08
RYM	1.66	+0.01
SAN	5.18	-0.01
SKC	3.10	-0.02
SKL	0.83	+0.01
SKT	4.20	+0.05
STU	2.52	-0.06
TEL	3.39	-0.06
THL	1.40	+0.05
TLS	5.30	-0.05
TPW	7.68	+0.16
TWR	1.92	+0.02
VCT	1.93	-0.01
WBC	24.50	+0.20
WHS	3.93	-0.02

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