Market close: Shares close lower

Monday 15th September 2008

The sharemarket dropped sharply today with the NZSE50 down -1.24% to end the day at 3,319.

The top three didn't fare so well today, with top stock Telecom falling 1.4%, Contact Energy lost 1.2% and Fletcher Building dropped 3.8%.

Contact Energy today gained resource consent for its 220 megawatt Te Mihi geothermal power station after the approvals process was fast-tracked by the government.

The retail sector was mixed, The Warehouse Group advanced 0.6% and Pumpkin Patch added 0.7%. But Michael Hill lost 4.4% and Hallenstein Glasson fell 1.3%.

Other major losers included Widespread Portfolios down 25%, Dorchester Pacific 20%, OceanaGold Corporation 14.75%, Wellington Drive Technologies 6.25%, Steel & Tube Holdings down 4.88%, Fisher & Paykel Appliances 2.2%, Guinness Peat Group 3.1%, and SkyCity Entertainment 2.1%.

Bucking the trend were Tourism Holdings up 3.7%, Sealegs Corporation up 2.63%, Burger Fuel Worldwide up 2.22%, Goodman Property Trust and Kiwi Income Property Trust both up 1.72%.

L&M Petroleum, the exploration company seeking to tap global demand for coal-seam gas, reached coal in its Goodwin-1 well, with initial tests positive for gas. L & M Petroleum closed down 4.52%.

At the close, the benchmark S&P/ASX200 index was 86.1 points, or 1.76%, lower at 4817.7, while the broader All Ordinaries lost 82.1 points, or 1.66%, to 4875.

Dow Jones Industrial Average ended with a modest decline of 11.72 points, or 0.10%, at 11,421.99.
The tech-heavy Nasdaq rose 3.05 points, or 0.14%, to 2,261.27 while the broad-market Standard & Poor's 500 index managed a gain of 2.65 points, or 0.21%, to 1,251.70.

NZ Top 50	3,319.902	-41.786 (-1.24%)
ASX 200	4,817.700	-86.100 (-1.76%)
Dow	11,421.99	-11.72 (-0.10%)
Nasdaq	2,261.27	+3.05 (+0.14%)
FTSE 100	5,416.70	+98.30 (+1.85%)

AIA	2.00	-0.03
AIR	1.08	-0.01
AMP	9.15	+0.09
ANZ	20.34	-0.50
APN	3.99	0.00
APT	1.09	+0.01
CAV	2.96	-0.13
CEN	8.90	-0.11
EBO	4.75	-0.07
FBU	7.36	-0.29
FPA	1.77	-0.04
FPH	3.16	-0.06
FRE	3.35	-0.16
GFF	1.75	-0.04
GMT	1.18	+0.02
GPG	1.27	-0.04
HLG	2.96	-0.04
IFT	2.15	-0.03
IMP	1.14	0.00
ING	0.73	-0.02
KIP	1.18	+0.02
LNN	10.90	-0.10
MFT	7.05	0.00
MHI	0.86	-0.04
MVN	1.66	-0.02
NPX	6.39	-0.01
NZO	1.52	-0.01
NZR	6.66	+0.02
NZS	1.50	-0.02
NZX	6.84	-0.02
PFI	1.16	0.00
PGW	2.45	-0.03
POT	6.90	-0.08
PPL	1.52	+0.01
PRC	1.75	+0.01
RAK	2.75	-0.03
RYM	1.92	+0.02
SAN	5.85	-0.07
SKC	3.65	+0.03
SKL	0.99	+0.01
SKT	4.57	-0.01
STU	3.51	-0.18
TEL	2.93	-0.04
THL	1.40	+0.05
TLS	5.18	0.00
TPW	8.25	0.00
TWR	2.10	-0.07
VCT	2.23	-0.03
WBC	28.13	-0.39
WHS	3.30	+0.02

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