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Market Close: Temperatures drop and so do the markets

Wednesday 25th June 2008

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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%)

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