New Zealand stocks fell, snapping a four-day rally, amid concern economic data
out of the U.S. this week will show a worsening slump, eroding demand for equities.
The NZX 50 Index fell 28.032, or 1%, to 2682.928. Within the index, 23 stocks
fell, 15 gained and 11 were unchanged.
Telecom led decliners,
falling 6.4% to NZ$2.33 after the company said a loss of its broadband services
over the weekend may have been due to a power fault in Auckland.
Pike River Coal fell 2% to 98 cents amid signs that coking coal
prices will fall as demand from steelmakers abates. Prices may fall to US$200
a metric ton in the year starting April 1, from US$300 a ton this year, according
to a Bloomberg survey of analysts.
In Japan, the Nikkei 225 Index was 1.4% lower in mid-day trading, led by Suzuki
Motor and Mazda. Australia’s S&P/ASX 200 Index fell 1.6% to 3681.8 in
late afternoon trading, led by resources companies such as
Rio Tinto.
Fortescue Metals soared 31% amid rumours
BHP Billiton
may make a takeover bid or Chinese companies seek a stake. Fortescue said it couldn’t
explain the surge.
U.S. figures this week may show manufacturing shrank and employers slashed jobs,
adding to signs of a deepening recession.
“The macro-economic news it going to get even worse,” said Paul Richardson,
who manages about NZ$150 million at BT Funds Management. “Volumes are quite
thin and the market is wobbling sideways.”
Dorchester Pacific slumped 50% to 10 cents after posting a first-half
loss of NZ$35 million, reflecting a write-off of its stake in ailing finance company
St Laurence and an impairment charge against assets. Dorchester needs support
from investors for a deferred repayment plan if it is to avoid being placed in
receivership.
Air New Zealand declined 2.3% to 87 cents as divers recovered
bodies and the flight recorder from the company’s Airbus jet that crashed
into the Mediterranean Sea.
Rakon extended its revival, rising 6.4% to NZ$1.49. The navigation
technology company slumped as low as NZ$1 after posting a 66% decline in first-half
profit on operating losses in France and weaker world demand.
Some investors “are starting to see light at the end of the tunnel for some
of these dreadfully beaten-up sectors,” Richardson said.
(Businesswire.co.nz)
NZX Top 50
Last updated: 1/12/2008 5:09pm
| AIA |
1.72 |
-0.03 |
 |
| AIR |
0.87 |
-0.02 |
|
| AMP |
6.20 |
-0.40 |
|
| ANZ |
17.50 |
+0.35 |
 |
| APN |
3.10 |
0.00 |
 |
| APT |
0.97 |
0.00 |
|
| CAV |
2.01 |
-0.06 |
|
| CEN |
6.70 |
-0.05 |
|
| EBO |
4.25 |
0.00 |
|
| FBU |
5.55 |
-0.03 |
|
| FPA |
1.35 |
+0.03 |
|
| FPH |
3.09 |
+0.02 |
|
| FRE |
2.95 |
+0.05 |
|
| GFF |
1.54 |
-0.06 |
|
| GMT |
1.06 |
+0.03 |
|
| GPG |
0.93 |
0.00 |
|
| HLG |
2.25 |
-0.03 |
|
| IFT |
1.72 |
+0.02 |
|
| IMP |
1.06 |
+0.02 |
|
| ING |
0.66 |
+0.01 |
|
| KIP |
1.03 |
+0.02 |
|
| LNN |
10.25 |
-0.05 |
|
| MFT |
4.80 |
-0.05 |
|
| MHI |
0.58 |
0.00 |
|
| MVN |
1.30 |
0.00 |
|
| NPX |
3.65 |
-0.10 |
|
| NZO |
1.30 |
-0.01 |
|
| NZR |
6.32 |
-0.06 |
|
| NZS |
0.88 |
-0.02 |
|
| NZX |
5.65 |
-0.09 |
|
| PFI |
1.00 |
0.00 |
|
| PGW |
1.57 |
-0.05 |
|
| POT |
5.90 |
0.00 |
|
| PPL |
1.13 |
-0.01 |
|
| PRC |
0.98 |
-0.02 |
|
| RAK |
1.49 |
+0.09 |
|
| RYM |
1.46 |
0.00 |
|
| SAN |
5.30 |
-0.05 |
|
| SKC |
3.03 |
-0.12 |
|
| SKL |
0.77 |
0.00 |
|
| SKT |
3.30 |
-0.05 |
|
| STU |
2.76 |
+0.06 |
|
| TEL |
2.33 |
-0.10 |
|
| THL |
0.72 |
+0.02 |
|
| TLS |
5.00 |
0.00 |
|
| TPW |
6.80 |
+0.11 |
|
| TWR |
1.50 |
-0.05 |
|
| VCT |
2.00 |
+0.02 |
|
| WBC |
21.20 |
+0.70 |
|
| WHS |
3.45 |
-0.18 |
|
