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Market Close: Sharemarket weakens for second day

Monday 30th June 2008

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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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