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NZ Sharemarket Firms After Biggest Tumble Of 2008

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 4 NZPA - The sharemarket firmed in morning business today after its biggest tumble of 2008 amid renewed concerns in world credit markets.

The benchmark NZSX-50 index, which yesterday lost 84.172 points or 2.3 percent, was at 10.20am up 5.6 points to 3545.6.

On Wall Street, US stock markets lost ground after earlier gains as renewed jitters about the banking and finance sector dented investor optimism, traders said.

Here, market leader Telecom was up 1c to 383 following its 20c fall yesterday.

Contact Energy was up 5c to 920 after a 33c retreat yesterday and a 37c rise on Monday. Contact's parent Origin has spurned a takeover offer from BG Group and investors are waiting to see if there are any developments.

No 3 stock Fletcher Building, down 30c yesterday, was up 4c to 774.

Sky City continued its southward journey, losing another 3c to 370.

On the positive side, Fisher & Paykel Healthcare was up 5c to 236 while Property for Industry was up 4c to 125 and Auckland Airport was up 2c to 218.

On the retail front, Hallenstein Glasson was down 7c to 320 while Smith's City was up 2c to 44c.

In the US, the Dow Jones Industrial Average lost 100.97 points (0.81 percent) to 12,402.85 and the Nasdaq slumped 11.05 points (0.44 percent) to 2480.48 at the closing bell.

The broad-market Standard & Poor's 500 index shed 8.02 points (0.58 percent) to a preliminary close of 1377.65.

NZPA WGT AFP sml nb

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