Market Close: Continued weakness grips market

Monday 14th July 2008

The market dropped today on the back of more worries in the US mortgage market, with the NZSE50 down -1.32% to end the day at 3,080.

Top stock Telecom fell 2.1%, Fletcher Building lost 2.0% and Contact Energy plunged 2.6%. Fisher&Paykel Healthcare and Auckland Airport dropped more than 2% each, Mainfreight shed 1.3% and Ebos declined 6.7%.

New Zealand Oil & Gas jumped 5.9% after oil held steady near recent highs. Other gainers included Pike River Coal 5.9%, F&P Appliances 1.6% and SkyCity 0.7% after the company reiterated its profit forecast.

Retailer The Warehouse tumbled 3.5% on disappointing retail sales data. Among other retailers, Hallenstein Glasson rose 2.3%, but Michael Hill lost 1.3% and Pumpkin Patch declined 0.7%.

The benchmark S&P/ASX 200 index fell 58.9 points to 4921.0 with finance leading the fall on continued concerns about credit markets.

The Dow closed down 128.48 points or 1.1% at 11,100.54, the Nasdaq closed down 18.77 or 0.8% at 2,239.08 and the S&P 500 closed down 13.90 points or 1.1% at 1,239.49. Investors battled with continued weakness in the financial sector, as well as soaring oil prices

NZ Top 50	3,080.103	-41.442 (-1.33%)
ASX 200	4,921.000	-58.900 (-1.18%)
Dow	11,100.54	-128.48 (-1.14%)
Nasdaq	2,239.08	-18.77 (-0.83%)
FTSE 100	5,331.70	+70.10 (+1.33%)

NZX TOP 50
As at: 14/07/2008 5:34pm
CODE	LAST	+/-
AIA	1.90	-0.04
AIR	1.08	-0.01
AMP	8.27	+0.12
ANZ	22.41	-0.65
APN	3.90	0.00
APT	1.05	-0.01
CAV	2.15	+0.01
CEN	7.40	-0.20
EBO	4.20	-0.30
FBU	6.25	-0.13
FPA	1.95	+0.03
FPH	2.30	-0.05
FRE	2.96	-0.05
GFF	1.73	+0.01
GMT	1.07	-0.02
GPG	1.31	-0.02
HLG	2.63	+0.06
IFT	1.92	-0.04
IMP	1.11	0.00
ING	0.85	-0.01
KIP	1.11	-0.02
LNN	10.66	-0.20
MFT	6.32	-0.08
MHI	0.76	-0.01
MVN	1.59	-0.01
NPX	5.17	+0.01
NZO	1.80	+0.10
NZR	6.51	-0.39
NZS	1.82	0.00
NZX	7.10	-0.19
PFI	1.14	0.00
PGW	2.55	-0.05
POT	6.30	-0.10
PPL	1.43	-0.01
PRC	2.16	+0.12
RAK	2.78	-0.02
RYM	1.61	-0.03
SAN	5.13	-0.05
SKC	3.02	+0.02
SKL	0.84	0.00
SKT	4.15	-0.02
STU	2.63	+0.03
TEL	3.32	-0.07
THL	1.40	0.00
TLS	5.63	0.00
TPW	7.67	-0.03
TWR	1.96	+0.01
VCT	1.99	+0.01
WBC	24.40	+0.59
WHS	3.86	-0.14

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