Wednesday 10th December 2008
|Text too small?|
The NZX 50 fell 8.255, or 0.3%, to 2716.02 as at 11am in Wellington. Within the index, 11 stocks fell, seven rose and 32 were unchanged. Westpac fell 5.1% to $20.50 on the NZX after completing its A$2.5 billion placement of shares to bolster its capital. The lender sold shares at A$16 apiece, 11% below their closing price on the previous day. ANZ Banking Group declined 2.7% to $17.20.
New Zealand Oil & Gas sank 1.6% to $1.25 after the US Energy Department predicted global demand for crude oil will shrink 0.5% next year, the first contraction since the early 1980s. Crude oil for January delivery fell 1.7% to US$42.96 a barrel on the New York Mercantile Exchange. Pike River Coal dropped 1% to 95 cents.
The decline in the NZX 50 follows weaker markets in the US, where the Dow Jones Industrial Average dropped 2.7% after companies including FedEx Corp. forecast earnings that lagged behind analysts' estimates.
In New Zealand, Warehouse Group, the biggest retailer on the NZX 50, fell 0.6% to $3.26 after announcing it would withdraw from liquor retailing after being turned down for a licence for its Albany store. Chief executive Ian Morrice said the decision was also a consequence of the decision to exit its Xtra grocery format and higher costs to monitor liquor sales.
Cavalier gained 1.1% to $1.82, gaining from its lowest level in at least a decade. Of four analysts who follow the stock, one rates it a 'buy,' two recommend it as a 'hold' and one has it as an 'underperform.'
Freightways fell about 2% to $2.95.
No comments yet
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
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