Market Close: Winning streak doesn't last

Thursday 10th July 2008

The two-day winning streak came to an abrupt end today. The market plunged with the NZSE50 down -2.04% to end at 3,113.

Top stock Telecom dropped 4.0%, the second-ranked Contact Energy fell 1.4% and Fletcher Building, the third best stock, plummeted 4.5%.

Falls outweighed rises by 75 to 28, with the biggest loser being Geneva Finance down 16%, while the stars of the day were Savoy Equities, up 171.43%, Diligent up 38.89% and Burger Fuel up 15%.

In the retail sector Hallenstein Glasson and Pumpkin Patch dropped 3.4% each, Michael Hill slumped 7.1% and The Warehouse Group fell 1.7%.

Australian stocks were also hit hard with resources and the banks leading the decline across the tasman. The benchmark S&P/ASX200 index lost 74.5 points, or 1.49%, to 4937.4, while the broader All Ordinaries was down 68.9 points, or 1.35%, to 5020.5.

Wall Street tumbled Wednesday with the major indexes falling more than two per cent. The Dow fell 236.77, or 2.08%, to 11,147.44. The Standard & Poor's 500 index fell 29.01, or 2.28%, to 1,244.69, while the Nasdaq composite index fell 59.55, or 2.60%, to 2,234.89.

The pullback left both the Dow and S&P 500 back in bear market territory, with both indexes having declined more than 20% since their October highs.

NZ Top 50	3,112.561	-64.903 (-2.04%)
ASX 200	4,937.400	-74.500 (-1.49%)
Dow	11,147.44	-236.77 (-2.08%)
Nasdaq	2,234.89	-59.55 (-2.60%)
FTSE 100	5,529.60	+89.10 (+1.64%)

NZX TOP 50
As at: 10/07/2008 5:34pm
CODE	LAST	+/-
AIA	1.91	-0.04
AIR	1.11	+0.01
AMP	8.35	+0.02
ANZ	23.64	-0.26
APN	3.90	0.00
APT	1.07	-0.02
CAV	2.15	-0.05
CEN	7.51	-0.11
EBO	4.36	+0.16
FBU	6.43	-0.30
FPA	1.93	+0.03
FPH	2.35	-0.05
FRE	2.99	-0.03
GFF	1.73	0.00
GMT	1.13	-0.03
GPG	1.32	-0.03
HLG	2.60	-0.09
IFT	1.93	0.00
IMP	1.11	+0.01
ING	0.84	-0.01
KIP	1.13	-0.01
LNN	11.12	+0.07
MFT	6.43	-0.07
MHI	0.78	-0.06
MVN	1.60	0.00
NPX	5.08	-0.02
NZO	1.68	-0.02
NZR	6.95	-0.05
NZS	1.80	+0.02
NZX	7.37	-0.03
PFI	1.16	-0.01
PGW	2.55	-0.05
POT	6.35	-0.05
PPL	1.44	-0.05
PRC	2.02	-0.03
RAK	2.85	0.00
RYM	1.61	-0.04
SAN	5.19	-0.01
SKC	3.01	-0.08
SKL	0.82	-0.02
SKT	4.15	-0.05
STU	2.55	0.00
TEL	3.37	-0.14
THL	1.30	0.00
TLS	5.54	0.00
TPW	7.60	+0.10
TWR	1.94	+0.01
VCT	1.99	-0.01
WBC	24.20	-0.87
WHS	3.96	-0.07

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