Friday 12th December 2008 |
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New Zealand shares ended the session lower as news broke that the U.S. Congress
had failed to reach a compromise on the US$14 billion rescue package for the
U.S. automakers. Stocks tumbled across Asia.
The NZX 50 Index fell 49.759, or 1.8%, to 2676.952, the biggest decline since
Nov. 21. Within the index, 34 stocks fell, eight gained and eight were unchanged.
APN News & Media, which trades infrequently on the NZX, tumbled 16% to NZ$2.65
and NZ Farming Systems Uruguay fell 6% to 78 cents. Pike River Coal slipped
5% to 90 cents.
The automaker rescue impasse sent Japan’s Nikkei 225 Index down 6.6% to
8148.93, with Honda and Nissan both down more than 12% in early afternoon trading.
Hong Kong’s Hang Seng fell 7% to 14515.42. In Sydney, the S&P/ASX
200 Index fell 3.2% to 3483.7.
“This puts the prospects of a rebound further out,” said Paul Richardson,
who manages about NZ$150 million at BT Funds Management. “It may mean
more write-downs and a longer-term impact on the U.S. economy.”
On the New Zealand bourse today, trading was a low-wattage NZ$55 million.
Hellaby Holdings fell 15% to NZ$1.23 after the diversified
investment company said pretax earnings may fall as much as 26% this year on
weakening demand for auto-parts, construction equipment and shrinking margins
on shoes.
Warehouse Group declined 1.8% to NZ$3.25 after government figures
showed retail sales fell 1.3% in October from the previous month, seasonally
adjusted. Excluding auto-related products, core sales grew 0.8% percent, in
line with expectations.
“The trend is still pretty weak,” said Robin Clements, chief economist
at UBS New Zealand. Heading into the peak Christmas season, “retailers
are braced to see how bad it is.”
Briscoe Group, whose retail stores include the Rebel sports
chain, fell 1.4% to 70 cents.
Telecom, the largest phone company on the NZX 50, fell 3.3%
to NZ$2.32 after a Commerce Commission report showed rising popularity for rivals’
services using the carrier’s copper local loop.
Postie Plus Group rose 3% to 34 cents after the retailer said
it is on track to lift first-half profit and expects an improved second-half
result. “It will be a slow boil and still expect it will be well into
the final quarter before we recover the losses and cross the line to deliver
a modest profit,” chief executive Ron Boskell said.
(Businesswire.co.nz)
NZX Top 50
Last updated: 12/12/2008 5:09pm
AIA | 1.67 | -0.03 | ![]() |
AIR | 0.84 | 0.00 | ![]() |
AMP | 6.26 | +0.16 | ![]() |
ANZ | 17.25 | +0.25 | ![]() |
APN | 2.65 | -0.50 | ![]() |
APT | 1.01 | -0.01 | ![]() |
CAV | 2.00 | 0.00 | ![]() |
CEN | 6.78 | -0.09 | ![]() |
EBO | 4.26 | +0.01 | ![]() |
FBU | 5.70 | -0.13 | ![]() |
FPA | 1.32 | -0.01 | ![]() |
FPH | 3.02 | -0.03 | ![]() |
FRE | 3.05 | +0.02 | ![]() |
GFF | 1.59 | -0.01 | ![]() |
GMT | 0.98 | -0.04 | ![]() |
GPG | 0.96 | -0.01 | ![]() |
HLG | 2.30 | +0.04 | ![]() |
IFT | 1.67 | +0.02 | ![]() |
IMP | 1.10 | -0.01 | ![]() |
ING | 0.67 | 0.00 | ![]() |
KIP | 1.00 | -0.01 | ![]() |
LNN | 10.12 | -0.18 | ![]() |
MFT | 4.55 | -0.20 | ![]() |
MHI | 0.60 | 0.00 | ![]() |
MVN | 1.35 | 0.00 | ![]() |
NPX | 3.00 | -0.09 | ![]() |
NZO | 1.24 | -0.01 | ![]() |
NZR | 5.90 | -0.05 | ![]() |
NZS | 0.78 | -0.05 | ![]() |
NZX | 5.50 | 0.00 | ![]() |
PFI | 1.09 | -0.01 | ![]() |
PGW | 1.60 | -0.02 | ![]() |
POT | 6.05 | -0.05 | ![]() |
PPL | 1.04 | +0.01 | ![]() |
PRC | 0.90 | -0.05 | ![]() |
RAK | 1.35 | -0.07 | ![]() |
RYM | 1.44 | 0.00 | ![]() |
SAN | 5.41 | 0.00 | ![]() |
SKC | 2.87 | -0.07 | ![]() |
SKL | 0.70 | -0.01 | ![]() |
SKT | 3.92 | -0.04 | ![]() |
STU | 2.85 | +0.05 | ![]() |
TEL | 2.32 | -0.08 | ![]() |
THL | 0.64 | -0.02 | ![]() |
TLS | 4.92 | -0.09 | ![]() |
TPW | 7.09 | -0.08 | ![]() |
TWR | 1.46 | -0.08 | ![]() |
VCT | 2.02 | -0.03 | ![]() |
WBC | 19.20 | -0.60 | ![]() |
WHS | 3.25 | -0.06 | ![]() |
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