Market Close: Sharemarket weakens for second day

Monday 30th June 2008

The market opened on a weak note after Wall Street continued to decline on Friday due to concerns that record oil prices and the seemingly endless credit crisis will further damage the economy.

The NZX 50 Index finished the day 32 points ( 1.0%) down on last Friday's close, at 3195. Prices were easy with 75 falls and 31 rises. Total turnover was $125,558,820

Top stock Telecom lost 0.6% to $3.57 and second-ranked Contact Energy plunged 2.6% to $7.99. Retailers continued to languish. Hallenstein Glasson slumped 9.7% to $2.42, Michael Hill fell 2.7% to 72c, Pumpkin Patch plunged 3.4% to $1.43 and The Warehouse Group lost 2.2% to $4.10.

CDL Investments gained 6.25% to end on 34c, NZ Oil and Gas was up 4.71%, to $1.78 and Pike River Coal Ltd ended at $2.45, up 3.81%

At the close, the benchmark S&P/ASX200 index had fallen 21 points, or 0.41%, to 5215 while the broader All Ordinaries surrendered 16.5 points, or 0.31%, to 5332. Resources and gold stocks strengthened today but weakness among the major banks weighed upon the bourse.

US stocks fell on Friday, pushing the Dow to the brink of a bear market. Continued stresses within the financial sector along with rising oil prices kept the markets under pressure.

The Dow Jones industrial average dropped 106.91 points, or 0.93%, to 11,346. The Standard & Poor's 500 Index fell 4.77 points, or 0.37%, to 1,278, while the Nasdaq Composite Index slipped 5.74 points, or 0.25%, to 2,315.

AMP	down 5	to $ 8.43
APN News & Media	down 15	to $ 3.83
Caledonia Investment plc	down 181	to $ 45.02
Contact Energy	down 21	to $ 7.99
Guinness Peat Group Plc	down 2	to $ 1.37
PGG Wrightson	down 10	to $ 2.50
SKYTV	down 13	to $ 4.12
Steel & Tube Holdings	down 32	to $ 2.58
Telecom Corp of NZ	down 2	to $ 3.57
Telstra Corp	down 2	to $ 5.50
The Warehouse Group	down 9	to $ 4.10
Westpac Banking Corp	down 128	to $ 25.20
ANZ Banking Group	up 55	to $ 23.80
Auckland Intl Airport	up 2	to $ 1.95
F&P Healthcare Corp	up 5	to $ 2.35
Lion Nathan	up 23	to $ 10.80
New Zealand Oil & Gas	up 8	to $ 1.78
PIKERIVER	up 12	to $ 2.45
Vector Ltd Ordinary	up 2	to $ 1.92

NZ Top 50	3,194.614	-32.297 (-1.00%)
ASX 200	5,215.300	-21.700 (-0.41%)
Dow	11,346.51	-106.91 (-0.93%)
Nasdaq	2,315.63	-5.74 (-0.25%)
FTSE 100	5,529.90	+11.70 (+0.21%)

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