NZX trading fell in June as stock prices tumbled

Tuesday 1st July 2008

Trading on the NZX fell last month as New Zealand's benchmark stock index slid to a three-year low.

There were 50,805 trades in June valued at NZ$2.58 billion, an 11% drop from the same month last year, the exchange said in a statement.

NZX's own stock fell 1.9% to NZ$7.40, a three-month low.

New Zealand shares have tumbled this year as the economy contracted and consumer confidence dropped amid rising costs of credit, food and fuel. The NZX 50 Index has shed NZ$2.8 billion of market value in the past two weeks.

On the NZAX Market there were 289 trades last month, worth NZ$1 million while on the NZX debt market, there were 2,570 trades worth NZ$181 million.

By Jonathan Underhill

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