Thursday 11th September 2008
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The sharemarket fell slightly today with the NZSE50 down -0.31% to end the day at 3,333.
Top stock Telecom fell 0.7% and Fletcher Building dropped 2.0%, while Contact Energy was up 0.1%.
The retail sector was mixed with Michael Hill gaining an impressive 7.3%, The Warehouse Group was up 0.3% and Hallenstein Glasson rose 1.4%. Meanwhile, Pumpkin Patch lost 0.7%.
Among other stocks, Botry-Zen advanced 33.33%, Comvita up 9.68%, Turners Auctions up 8.97%, L & M Petroleum up 8.33%, ING Medical Properties and ProvencoCadmus both up 5.56% and Cavalier Corp jumped 5.2%.
Today's biggest decliners were OceanaGold Corporation down 7.14%, Postie Plus Group 6.67%, Richina Pacific 5.41%, Sky Network Television 4.03%, Smiths City Group down 3.85%.
Rakon, the New Zealand supplier of crystal oscillators for global positioning systems, was down 1.79% after saying earnings may rise this year, reflecting a weaker currency and increased sales to major customers.
Strategic Finance, the ailing finance company being acquired by its managers, today halted interest and dividend payments as it finalises a capital restructuring plan.
Reserve Bank governor Alan Bollard surprised the market with a bigger-than-expected interest rate cut, citing a marked slowdown in household spending and a deteriorating global economy.
Bollard cut his official cash rate (OCR) from 8% to 7.5%. All 10 economists surveyed by GoodReturns last week had been expecting a cut to 7.75%.
The benchmark S&P/ASX 200 index shed 91.2 points, or 1.9%, to 4814.3. The broader All Ordinaries dropped 89.9 points, or 1.81% to 4871.5.
The Dow Jones Industrial Average lifted 38.19 points, or 0.34% to settle at
11,268.92, while the broader Standard & Poor's 500 gained 7.53 points, or
0.61% to 1,232.04.
The NASDAQ rose 18.89 points, or 0.85%, to 2,228.7.
|NZ Top 50||3,333.543||-10.320 (-0.31%)|
|ASX 200||4,814.300||-91.200 (-1.86%)|
|FTSE 100||5,366.20||-49.40 (-0.91%)|
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