Market Close: Overseas markets see another troubled day

Friday 25th July 2008

The sharemarket dropped sharply today with the NZSE50 down 1% to end the day at 3,254, however it didn't fare as bad as the ASX200 which plunged over 3%.

Top stocks Telecom added 0.6%, but Contact Energy plunged 4.1% and Fletcher Building tumbled 3.2%. BG Group would offload a half-stake in Contact Energy if it succeeds in a takeover of the New Zealand utility's parent, Origin Energy.

In the retail sector Hallenstein Glasson lost 2.4%, Michel Hill dipped 2.6%, The Warehouse Group slipped 0.5% and Pumpkin Patch closed unchanged.

After oil rebounded on Thursday, it saw New Zealand Oil and Gas climb 2.0% and other major gainers included Auckland International Airport 2.1% and Infratil 4.2%

Banks had a bad day with Westpac plunging 4.2% and ANZ slumped 7.8%. Air New Zealand fell 3.1% after chief executive Rob Fyfe said the national airline may have to raise fares and extend cost cuts because of the soaring price of jet fuel.

The benchmark S&P/ASX200 index finished down 173.6 points, or 3.37%, to 4970.5 following troubling news from NAB and a weak lead overnight from Wall Street.

The Dow closed down 283.10 points or 2.4% at 11,349.28, the Nasdaq closed down 45.77 points or 2% 2,280.11 and the S&P 500 closed down 29.65 points or 2.3% at 1,252.54.

NZ Top 50	3,254.161	-33.06 (-1.02%)
ASX 200	4,970.500	-173.600 (-3.37%)
Dow	11,349.28	-283.10 (-2.43%)
Nasdaq	2,280.11	-45.77 (-1.97%)
FTSE 100	5,362.30	-87.60 (-1.61%)

NZX TOP 50
As at: 25/07/2008 5:34pm
CODE	LAST	+/-
AIA	1.92	+0.04
AIR	1.24	-0.04
AMP	8.50	-0.60
ANZ	23.01	-1.94
APN	4.20	+0.03
APT	1.12	0.00
CAV	2.28	0.00
CEN	8.12	-0.35
EBO	4.55	-0.05
FBU	6.69	-0.22
FPA	2.07	-0.04
FPH	2.57	-0.05
FRE	3.00	-0.07
GFF	1.70	-0.02
GMT	1.18	-0.02
GPG	1.36	-0.02
HLG	2.80	-0.07
IFT	2.24	+0.09
IMP	1.16	+0.02
ING	0.84	+0.01
KIP	1.16	-0.01
LNN	11.16	-0.15
MFT	6.55	-0.10
MHI	0.76	-0.02
MVN	1.60	0.00
NPX	5.30	-0.05
NZO	1.54	+0.03
NZR	6.70	0.00
NZS	1.82	+0.07
NZX	7.25	-0.10
PFI	1.17	-0.01
PGW	2.60	+0.07
POT	6.54	-0.06
PPL	1.44	0.00
PRC	2.03	-0.02
RAK	2.73	-0.02
RYM	1.66	+0.02
SAN	5.30	-0.08
SKC	3.27	+0.02
SKL	0.85	+0.01
SKT	4.50	-0.04
STU	2.70	0.00
TEL	3.49	+0.02
THL	1.36	+0.02
TLS	5.63	-0.06
TPW	7.70	+0.10
TWR	2.13	+0.01
VCT	2.08	-0.03
WBC	27.50	-1.20
WHS	3.95	-0.02

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