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Share Market Opens Nearly Half A Percent Down

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, July 1 NZPA - The New Zealand sharemarket dipped in opening trading today, on the heels of a poor end to the financial quarter in United States equity markets.

The benchmark NZSX-50 opened at 2796.106 and lost 13.535 points, or 0.48 percent, to 2782.571 at 10.20am.

Fisher & Paykel Appliances lost 2c to 65, and Telecom was down 3c to 270, continuing its fall from yesterday following announcements on mobile regulation by the Commerce Commission.

The commission said it was to investigate whether the price of national mobile roaming should be regulated.

In other stocks Fisher & Paykel Healthcare was down 4c to 288, ING Property was down 1c to 60, Tower was down 2c to 171.

Fletcher Building lost 8c to 650 and Nuplex was down 1c to 149.

Stocks gaining in opening trading were Michael Hill International, up 5c to 65, Rakon, also up 5c to 145 and Tourism Holdings, up 1c to 43.

Guinness Peat Group up 1c to 69, AMP Office up 1c to 71 and Lion Nathan was up 17c, or 1.19 percent, to $14.42.

In the US overnight, Wall Street shares ended the second quarter on a sour note after a surprise fall in consumer confidence dented hopes for a recovery in spending to lead the country out of recession.

The Dow Jones Industrial Average slumped 82.38 points, or 0.97 percent, to 8447 points.

The tech-heavy Nasdaq dropped 9.02 points, or 0.49 percent, to 1835.04 and the broad-market Standard & Poor's 500 lost 7.91 points, or 0.85 percent, to 919.32.

Asian markets were mixed as some dealers remained on the sidelines ahead of economic data due in Japan and the US later in the week, while others took a lead from a Wall Street rally on Monday.

Tokyo rose despite unemployment hitting a more than five-year high of 5.2 percent. Retail sales increased for the first time in 16 months.

The benchmark Nikkei-225 index climbed 174.97 points, or 1.79 per cent, to 9958.44 points.

The Australian sharemarket is also expected to open lower after a decline in US consumer confidence saw Wall Street and European markets fall on concerns about an economic recovery.

At 0725 AEST on the Sydney Futures Exchange, the September share price index contract was 24 points lower at 3877.

The Australian share market ended the final day of the financial year yesterday firmly in the black, supported by stronger energy and retail sectors and a positive lead from Wall Street.

The benchmark S&P/ASX200 index rose 68 points, or 1.75 percent, to 3954.9 points, while the broader All Ordinaries index advanced 65.1 points, or 1.68 percent, to 3947.8 points.

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