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