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NZ shares drop 1.8%, joining global rout, amid signs worldwide growth is faltering

Friday 23rd September 2011

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New Zealand shares fell 1.8%, joining a global slide in equities, commodities and growth-linked currencies, as evidence mounted that worldwide economic growth is faltering.

The NZX 50 Index dropped 60.65 points to 3251.62 at the open. There were 37 decliners and no gainers on the index.

OceanaGold sank 6.8% to $3.04 as the price of gold declined. Fletcher Building, the biggest company on the exchange, fell 2.7% to $7.25.

Fisher & Paykel Appliance tumbled 11% to 40 cents and Steel & Tube Holdings fell 7.9% to $2.21.

On Wall Street, the Dow Jones Industrial Average shed 3.5% and Germany’s DAX 30 fell almost 5%. Investor confidence was dented by weaker-than-expected Chinese manufacturing data yesterday, which stoked fears the fastest-growing major economy won’t have enough momentum to underpin the global economy.

Softer European data and still-high U.S. jobless benefit claims came amid signs the U.S. Congress is heading for another impasse over budget measures and a bleak assessment of the U.S. economy from the Federal Reserve.


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