Market Close: Temperatures drop and so do the markets

Wednesday 25th June 2008

Prices on the NZX Top 50 were mixed with 62 falls and 41 rises. Total turnover was $153,803,326.

Dorchester Pacific today withdrew the prospectus for its finance company and is seeking time to repay debenture holders. The move is expected after a similar move by St Laurence - a company which Dorchester has a 25% stake in - yesterday.

Port of Tauranga was down 15 to $ 6.55, and Sky City Entertainment was down 13 to $ 3.20.

Fletcher Building regained some of yesterday's loss and was up 23 to $6.65. NZ Oil and Gas also continued upwards to $1.74.

The banks performed well, ANZ up 46 to $23.11 and Westpac Banking Corp up 16 to $25.51.

The benchmark S&P/ASX200 index was down 52.2 points, or 0.99%, at 5237.8, a three-month low, while the broader All Ordinaries shed 56.2 points, or 1.04%, to 5362.6. While mining giants Rio Tinto and BHP Billiton fell heavily on lower base metals prices overnight, the banks fared slightly better with Westpac, ANZ and NAB all rising.

US shares declined in choppy trade as weak economic data and a bleak outlook from delivery giant UPS darkened the mood ahead of a Federal Reserve decision on interest rates.
At the close, the Dow Jones Industrial Average fell 34.93 points, or 0.29%, to 11,807.43 and the Nasdaq composite shed 17.46 points, or 0.73%, to 2,368.28.
The Standard & Poor's 500 index lost 3.71 points, or 0.28%, to a close of 1,314.29.

The main changes in the NZ market were:

Auckland Intl Airport	down 2	to $ 1.92
F&P Healthcare Corp	down 3	to $ 2.33
Goodman Fielder	down 4	to $ 1.71
Guinness Peat Group Plc	down 2	to $ 1.45
Infratil	down 4	to $ 1.86
Port of Tauranga	down 15	to $ 6.55
Sky City Entertainment	down 13	to $ 3.20
Telecom Corp of NZ	down 8	to $ 3.62
The Warehouse Group	down 5	to $ 4.50
TrustPower	down 15	to $ 7.45
Vector Ltd Ordinary	down 4	to $ 2.00
AMP	up 4	to $ 8.10
ANZ Banking Group	up 46	to $ 23.11
Contact Energy	up 6	to $ 8.45
Fletcher Building	up 23	to $ 6.65
Freightways	up 19	to $ 3.19
New Zealand Oil & Gas	up 13	to $ 1.74
Westpac Banking Corp	up 16	to $ 25.51


NZ Top 50	3,281.293	-16.891 (-0.51%)
ASX 200	5,237.800	-52.200 (-0.99%)
Dow	11,807.43	-34.93 (-0.29%)
Nasdaq	2,368.28	-17.46 (-0.73%)
FTSE 100	5,634.70	-32.50 (-0.57%)

Comments from our readers

No comments yet