Genesis follows market in downward spiral

By Phil Boeyen, ShareChat Business News Editor

Friday 22nd September 2000

Newly listed bio-tech stock Genesis hit the ground running but like most of the market fell back strongly during the day to close at $6.49 compared with its listing price of $6.00. The stock opened its market debut at $8.48.

The other new listing this week, telco software group CommSoft, was also sold down, losing 18 cents to close at $1.42.

CommSoft's fall mirrored many others in the tech sector including E-cademy, Spectrum, Advantage, Savoy, Strathmore and E-Phone.

Market bellwether Telecom fell 15 cents to finish at yet another recent low of $5.85.

The extent of the tech slide is notable in Iguana Services' 4i index, which follows IT and Internet companies. The 4i index started at a base of 1000 on January 1 this year and is currently sitting below 800.

Among Friday's stock improvements were investment company Utilico, which added 4 cents to 36 after announcing a plan to give $20 million in cash back to shareholders. Natural Gas rose 6 cents to $1.43 after the Hutt Mana Energy Trust agreed to accept its offer to buy the Trust's stake in energy company Trans Alta.

The NZSE 40 closed Friday at 1974, falling 37 points for the day and 80 points for the week.

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