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Market Close: Market rally after rate cut

Thursday 24th July 2008

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The market extended its gains for a second consecutive day and surged upwards with the NZSE50 up 2.67% (85.58 points) to end the day at 3,287.

The Reserve Bank of New Zealand lowered the official cash rate (OCR) by 25 basis points to 8.0% from 8.25%, marking the first change in the OCR since July 2007.

Banks continued their positive run, with ANZ gaining 3.1% and WBC surging 2.5%.

Top stock Telecom fell 0.9%, while Contact Energy was up 4.1% and Fletcher Building soared 5.5%.

Retailers closed mixed. Pumpkin Patch gained 1.4% and The Warehouse Group advanced 1.8%, but Hallenstein Glasson dipped 2.7%.

It was a great day for Fisher & Paykel Healthcare who increased 6.5%, Rakon jumped 6.2%, Air New Zealand rose 4.1% and Fisher & Paykel Appliances advanced 5.5%.

Among other shares, Nuplex closed unchanged, but SkyCity surged 4.8% and Steel & Tube Holdings increased 3.9%.

With oil extending its decline, New Zealand Oil & Gas fell 2.0%. Other decreases included Pike River Coal 1.4% and Sellerup Holdings 1.2%.

The benchmark S&P/ASX200 index was up 38.8 points or 0.76% to 5144.1, while the broader All Ordinaries gained 26.8 points or 0.52%, to 5188.4.

The Dow closed up 29.88 points or 0.26% at 11,632.38, the Nasdaq closed up 21.92 points or .95% at 2,325.88 and the S&P 500 closed up 5.18 points or 0.4% at 1,282.18.

NZ Top 50 3,287.226 +85.576 (+2.67%)
ASX 200 5,144.100 +38.800 (+0.76%)
Dow 11,632.38 +29.88 (+0.26%)
Nasdaq 2,325.88 +21.92 (+0.95%)
FTSE 100 5,449.90 +85.80 (+1.60%)


  NZX TOP 50  
As at: 24/07/2008 5:34pm
CODE
LAST
+/-

AIA
1.88 +0.07

AIR
1.28 +0.05

AMP
9.10 +0.49

ANZ
24.95 +0.75

APN
4.17 0.00

APT
1.12 +0.03

CAV
2.28 +0.13

CEN
8.47 +0.33

EBO
4.60 +0.20

FBU
6.91 +0.36

FPA
2.11 +0.11

FPH
2.62 +0.16

FRE
3.07 +0.10

GFF
1.72 +0.06

GMT
1.20 +0.05

GPG
1.38 +0.02

HLG
2.87 -0.08

IFT
2.15 +0.15

IMP
1.14 +0.03

ING
0.83 +0.01

KIP
1.17 +0.02

LNN
11.31 +0.01

MFT
6.65 +0.25

MHI
0.78 0.00

MVN
1.60 +0.05

NPX
5.35 0.00

NZO
1.51 -0.03

NZR
6.70 0.00

NZS
1.75 0.00

NZX
7.35 +0.35

PFI
1.18 +0.03

PGW
2.53 +0.03

POT
6.60 +0.10

PPL
1.44 +0.02

PRC
2.05 -0.03

RAK
2.75 +0.16

RYM
1.64 +0.05

SAN
5.38 +0.18

SKC
3.25 +0.15

SKL
0.84 -0.01

SKT
4.54 +0.09

STU
2.70 +0.10

TEL
3.47 -0.03

THL
1.34 0.00

TLS
5.69 +0.01

TPW
7.60 +0.06

TWR
2.12 +0.04

VCT
2.11 +0.04

WBC
28.70 +0.70

WHS
3.97 +0.07

 

 



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