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NZ Sharemarket Continues To Slide With International Markets

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Oct 8 NZPA - The New Zealand sharemarket continued to follow international markets and opened sharply lower again today.

The NZSX-50 index was down 37.587 points, or 1.25 percent, to 2966.604 at 10.15am after finishing trading yesterday down 1 percent, up from an earlier 2 percent drop, to close at 3004.19.

Among the few stocks to rise Auckland Airport was up 1c to 181 and Restaurant Brands 1c to 66.

Top stock Telecom was down 4c to 274.

Sky City was down 7c to 318, Rakon 3c to 222, Pike River Coal 3c to 152, Infratil 5c to 195, Hallenstein Glassons 5c to 250 and Cavalier 5c to 240.

Dual-listed bank ANZ was down 100c to 2000 shortly after announcing it would lower its variable mortgage rate in Australia in the wake of the Reserve Bank of Australia slashing the official cash rate by 1 percentage point to 6 percent.

The RBA move added weight to expectations of a sizeable rate cut when the Reserve Bank of New Zealand meets on October 23, and lifted the New Zealand sharemarket off its lows yesterday.

European stocks drifted lower on Tuesday as mounting concerns about the health of the financial sector hit banks, with shares in Royal Bank of Scotland and HBOS plunging about 40 percent.

The FTSEurofirst 300 index of top European shares ended 0.14 percent lower at 1003.51 points after witnessing its worst one-day percentage fall on record on Monday.

Germany's DAX index was down 1.1 percent, the UK's FTSE 100 index up 0.4 percent and France's CAC 40 up 0.6 percent.

US stocks plunged overnight in their fifth straight declining session as fears mounted that the spiralling credit crisis would drag the economy into a deep recession.

The Dow Jones industrial average fell 508.39 points, or 5.11 percent, to 9447.11. The Standard & Poor's 500 Index dropped 60.66 points, or 5.74 percent, to 996.23 -- the first time the benchmark index has closed below the 1000 level in more than five years. The Nasdaq Composite Index slid 108.08 points, or 5.80 percent, to 1754.88.

Japan's Nikkei average fell 3 percent to post a five-year closing low on Tuesday as panic over the global financial crisis prompted investors to dump stocks.

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