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Market Close: Winning streak doesn't last

Thursday 10th July 2008

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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
3.900.00

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
1.730.00

GMT
1.13-0.03

GPG
1.32-0.03

HLG
2.60-0.09

IFT
1.930.00

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
1.600.00

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
2.850.00

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
2.550.00

TEL
3.37-0.14

THL
1.300.00

TLS
5.540.00

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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