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NZ Shares End Lower But Recover Earlier Weakness

Fuseworks Media
Fuseworks Media

Wellington, Sept 1 NZPA - The New Zealand sharemarket ended down but recovered from its lows today as Asian markets took heart from a steadier Chinese market.

The benchmark NZSX-50 index closed down 13.323 points, or 0.43 percent, at 3084.68.

Turnover was worth $160.1 million, of which $75m was in Telecom shares. There were 37 rises and 45 falls among the 118 stocks traded.

"The market is weaker because of the US market and partially because of China yesterday," said Stephen Wright at ASB Securities.

"We went down 30 odd points but have picked up as we've seen the Asian markets have been slightly positive," he said.

There were worries early on that the Chinese market could have another bad day after a 7 percent fall yesterday but in the New Zealand time zone it steadied and posted modest gains.

There was little local corporate news with the June 30 balance date reporting season now over.

Telecom fell 6c to 269 and Fletcher Building fell 12c to 774.

News that the former 42 Below investors had bought a near 20 percent stake in Dorchester Pacific created interest but the stock is thinly traded. It rose 3.7c to 10 today, which is above the 5.6c the new investors paid.

Pyne Gould Corp fell 6c to 136 and had to respond to a price query from NZX Regulation today about recent strength in its price.

Freightways fell 4c to 297 and said it will compete vigorously with new entrant in the express parcel market Toll IPEC. Mainfreight fell 5c to 505. Cavalier fell 4c to 251, APN News fell 10c to 225, Nuplex fell 8c to 240.

NZ Farming Systems fell 1c to 41, Methven fell 6c to 154 and Steel and Tube fell 7c to 343. Port of Tauranga fell 9c to 651 and SkyCity fell 5c to 321.

Fisher and Paykel Healthcare rose 8c to 333, Auckland Airport rose 3c to 176 and Hellaby rose 5c to 140. Hallenstein Glasson rose 6c to 286.

In the United States, stocks fell as concerns about the global economy's health weighed on Wall Street following the sell-off in Chinese equities.

The Shanghai Composite Index fell nearly 7 percent to a three-month low on Monday on fears that China's government is trying to moderate economic growth and choke off speculation in its stock market by tightening bank lending.

The Dow Jones industrial average fell 0.5 percent to end at 9496.28, the Standard & Poor's 500 Index shed 0.8 percent to 1020.62, and the Nasdaq Composite Index declined 1 percent to close at 2009.06.

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