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NZ Share Market Drops More Than Half A Percent In Opening

Fuseworks Media
Fuseworks Media

Wellington, Dec 19 NZPA - The New Zealand share market dipped first thing this morning, erasing any gains made at the end of trading yesterday.

The benchmark NZX-50 index dropped 18.928 points, or 0.699 percent, to 2688.663 from 2707.591 in the few minutes after 10am today.

Dual listed stock Goodman Fielder suffered the most, losing 11c, 7.8 percent, to 130.

Others falling in value were, Fletcher Building, down 15c to 600, Westpac shed 40c to $18.50, Contact Energy down 15c to 705 and Port of Tauranga lost 6c to 627.

Those few making gains were Ryman Healthcare, up 2c to 145, Kiwi Income Property Trust, up 1c to 98 and Hallenstein Glassons, up 1c to 228 despite yesterday predicting a tight 2009.

Another retailer, The Warehouse was also up 2c to 360.

In the United States stocks fell for the second day in a row after Standard & Poor's threatened to strip General Electric of its 'AAA' credit rating and slumping oil prices crippled energy shares.

General Electric shares tumbled 8.2 percent and ranked among the top drags on the Dow after S&P said there is at least a one-in-three chance it would cut the company's credit rating from the top "AAA" tier in the next two years.

Chevron Corp and Exxon Mobil were the biggest drags on the Dow as oil fell another $4 to settle near $36 a barrel on growing fears of falling demand.

The Dow Jones industrial average tumbled 219.27 points, or 2.48 percent, to end unofficially at 8605.07. The Standard & Poor's 500 Index dropped 19.09 points, or 2.11 percent, to finish unofficially at 885.33. The Nasdaq Composite Index slipped 26.94 points, or 1.71 percent, to close unofficially at 1552.37.

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