Market close: Shares close lower yet again

Thursday 11th September 2008

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%)
Dow	11,268.92	+38.19 (+0.34%)
Nasdaq	2,228.70	+18.89 (+0.85%)
FTSE 100	5,366.20	-49.40 (-0.91%)

AIA	2.04	0.00
AIR	1.07	-0.03
AMP	9.15	+0.23
ANZ	20.62	+0.01
APN	3.99	0.00
APT	1.09	+0.02
CAV	3.05	+0.15
CEN	8.83	+0.01
EBO	4.94	-0.01
FBU	7.35	-0.15
FPA	1.77	-0.02
FPH	3.14	+0.01
FRE	3.60	+0.09
GFF	1.80	+0.05
GMT	1.18	+0.02
GPG	1.31	-0.04
HLG	3.00	+0.04
IFT	2.18	-0.01
IMP	1.14	+0.06
ING	0.78	+0.01
KIP	1.16	+0.02
LNN	10.80	0.00
MFT	7.07	-0.02
MHI	0.88	+0.06
MVN	1.68	-0.02
NPX	6.35	+0.10
NZO	1.51	-0.03
NZR	6.51	-0.09
NZS	1.49	-0.03
NZX	6.84	+0.02
PFI	1.15	0.00
PGW	2.50	0.00
POT	6.95	-0.05
PPL	1.52	-0.01
PRC	1.76	0.00
RAK	2.75	-0.05
RYM	1.82	+0.07
SAN	6.05	+0.05
SKC	3.70	-0.06
SKL	0.99	-0.01
SKT	4.53	-0.19
STU	3.75	+0.02
TEL	3.01	-0.02
THL	1.35	0.00
TLS	5.13	0.00
TPW	8.22	+0.14
TWR	2.08	+0.01
VCT	2.30	+0.03
WBC	28.80	0.00
WHS	3.21	+0.01

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