Thursday 12th May 2011
|Text too small?|
Shares in South Island gold miner OceanaGold fell 6.5% to an eight-week low in early trade on the New Zealand sharemarket, after commodity prices were routed for the second time in a week.
The commodity decline was behind a sharp drop in shares in the United States, but in this country the sharemarket was only modestly lower shortly after opening.
Around 10.20am the benchmark NZX-50 index was down 2.58 points to 3556.29, having yesterday climbed 30.1 points to its highest level in nearly three years.
OceanaGold (NZX: OGC ) shares were down 22c to $3.15 after an 8% fall in spot silver prices, while spot gold fell 1%.
In the US, stocks nearly erased a three-day rally as energy and other commodity shares sank, feeding worries about the market's ability to stay on its upward path.
The Dow Jones industrial average was down 1% at 12,630.03, the Standard & Poor's 500 Index was down 1.1% at 1342.08, and the Nasdaq Composite Index was down 0.9% at 2845.06.
No comments yet
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report