Thursday 25th September 2008
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The sharemarket fell slightly today with the NZSE50 down -0.67% to end the day at 3,237.
Top stock Telecom dropped 1.8% and Fletcher Building declined 0.5%, while Contact Energy closed up 0.1%.
Fletcher Building, today said it is bracing for a tougher year as demand weakens in its major markets. The stock has declined 37% this year, underperforming the benchmark index on delays in restructuring its Formica unit and dwindling demand for housing in New Zealand and Australia. Chief executive Jonathan Ling last month declined to forecast 2009 earnings, after posting a 10% gain in 2008 EBITDA.
The retail sector was mixed, The Warehouse Group gained 1.0%, Michael Hill International lost 6.2% and Hallenstein Galsson and Pumpkin Patch finished changed.
Top gainers today included, Heritage Gold up 13.04%, Port of Tauranga up 3.08%, Kingfish up 2.06%, Hellaby Holdings up 1.52%, Turners Auctions up 1.37%, Sky Network Television up 1.11% and Sky City Entertainment Group up 1.10%.
Declines were CER Group down 10%, GuocoLeisure down 8.62%, Austral Pacific Energy down 6.06% and Ryman Healthcare down 5.81%.
Rakon, the New Zealand supplier of crystal oscillators for global positioning systems, said director Peter Maire is selling shares to fund other investments. Shares closed down 4.08%.
Plus SMS Holdings, the unprofitable company that sells mobile phone services using Microsoft Windows Live, today withdrew a shareholder vote on issuing shares to CEO Christopher Tiensch equivalent to 3.3% of the company on legal advice.
The benchmark S&P/ASX200 closed 54.5 points lower, or 1.1%, at 4927.4, while the broader All Ordinaries lost 47.4 points, or 1%, to 4960.8.
The Dow Jones Industrial Average closed down 29 points, or 0.27%, to 10,825.17.
The tech-heavy Nasdaq composite gained 2.35 points, or 0.11%, to 2,155.68 and the broad-market Standard & Poor's 500 index lost 2.35 points, or 0.2%, to a close of 1,185.87.
At a Glance
Last Updated: 25/09/08 4:24pm
NZX Top 50
As at: 25/09/2008 4:25pm
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