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NZX trading slumps as global rout saps demand for stocks

Tuesday 2nd December 2008

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Trading on the NZX slumped 25% last month as the global financial rout eroded demand for stocks.

The total value of trade fell 57% to $1.4 billion in November from the same month of 2007 and the daily average traded dropped 53% to $72 million, according to NZX figures. The daily average number of trades slipped 18% to 2078.

The NZX 50 Index fell 2% to 2626.08 today and has shed almost $3 billion of value in the past four weeks. The index has dropped about 33% this year.

Equity capital raisings amounted to just $4 million last month, while $2 million of debt was raised.

By Jonathan Underhill

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