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Tuesday 2nd December 2008 |
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New Zealand stocks fell, sending the NZX 50 Index lower for a second day, as
concern about a deep global recession drove down equity markets worldwide.
The NZX 50 fell 31.78, or 1.2%, to 2651.14. Within the index, 29 stocks fell,
12 rose and nine were unchanged. Warehouse Group led shares lower, falling 6.7%
to NZ$3.22. Skellerup Holdings fell 6.5% to 72 cents and Tourism Holdings fell
5.6% to 68 cents.
Stocks across Asia fell today on concern weakening economic growth will sap
demand and erode corporate profits. The S&P/ASX 200 Index dropped 3.5% to
3552.9 in late afternoon trading, even after the central bank cut its benchmark
interest rate by 100 basis points to 4.25%.
Woodside Petroleum and BHP Billiton were among commodity companies that fell
as prices of raw materials and crude oil dropped. The Nikkei 225 Index fell
about 5% to 7978.03 in mid-day trading.
“If you’ve got money and a long-term outlook you can still go for
growth industries, there’s some wonderful bargains, but there’s
too much pessimism about,” said Stephen Wright, private client adviser
at ASB Securities.
Turnover was a paltry NZ$53 million, about half the average of more normal times,
as volatility kept many investors out of the market.
Trading on the NZX slumped 25% last month as the global financial rout eroded
demand for stocks, the exchange said in a statement today. The total value of
trade fell 57% to NZ$1.4 billion in November from the same month of 2007 and
the daily average traded dropped 53% to NZ$72 million.
New Zealand Oil & Gas fell 3.1% to NZ$1.26 as prospects of a prolonged global
economic slump drove the price of crude oil to a three year low. Crude for January
delivery dropped 1.7% to US$48.44 a barrel.
Telecom Corp. rose 0.4% to NZ$2.34 after the company scotched reports it has
been approached by Pacnet with an offer of US$420 million for its AAPT unit
in Australia.
The report is "purely speculative" and Telecom remains committed to
AAPT, spokesman Mark Watts told BusinessWire.
Delegat’s Group rose 0.5% to NZ$2.01 after the winemaker that controls
the Oyster Bay wine brand, said profit may rise 29% this year amid demand for
its products in export markets. “The group continues to experience strong
trading conditions,” managing director Jim Delegat told shareholders today.
(Businesswire.co.nz)
NZX Top 50
Last updated: 2/12/2008 5:09pm
| AIA | 1.64 | -0.08 |  |
| AIR | 0.85 | -0.02 | |
| AMP | 6.40 | +0.20 |  |
| ANZ | 17.10 | -0.40 | |
| APN | 3.15 | +0.05 | |
| APT | 0.98 | +0.01 | |
| CAV | 2.01 | 0.00 |  |
| CEN | 6.50 | -0.20 | |
| EBO | 4.15 | -0.10 | |
| FBU | 5.38 | -0.17 | |
| FPA | 1.40 | +0.05 | |
| FPH | 3.08 | -0.01 | |
| FRE | 2.89 | -0.06 | |
| GFF | 1.65 | +0.11 | |
| GMT | 1.05 | -0.01 | |
| GPG | 0.95 | +0.02 | |
| HLG | 2.19 | -0.06 | |
| IFT | 1.73 | +0.01 | |
| IMP | 1.06 | 0.00 | |
| ING | 0.65 | -0.01 | |
| KIP | 1.02 | -0.01 | |
| LNN | 10.50 | +0.25 | |
| MFT | 4.70 | -0.10 | |
| MHI | 0.58 | 0.00 | |
| MVN | 1.30 | 0.00 | |
| NPX | 3.52 | -0.13 | |
| NZO | 1.26 | -0.04 | |
| NZR | 6.30 | -0.02 | |
| NZS | 0.87 | -0.01 | |
| NZX | 5.55 | -0.10 | |
| PFI | 1.01 | +0.01 | |
| PGW | 1.60 | +0.03 | |
| POT | 5.80 | -0.10 | |
| PPL | 1.11 | -0.02 | |
| PRC | 0.98 | 0.00 | |
| RAK | 1.46 | -0.03 | |
| RYM | 1.46 | 0.00 | |
| SAN | 5.20 | -0.10 | |
| SKC | 2.99 | -0.04 | |
| SKL | 0.72 | -0.05 | |
| SKT | 3.22 | -0.08 | |
| STU | 2.76 | 0.00 | |
| TEL | 2.34 | +0.01 | |
| THL | 0.68 | -0.04 | |
| TLS | 5.00 | 0.00 | |
| TPW | 6.95 | +0.15 | |
| TWR | 1.47 | -0.03 | |
| VCT | 2.00 | 0.00 | |
| WBC | 20.10 | -1.10 | |
| WHS | 3.22 | -0.23 | |
