The New Zealand sharemarket fell along with markets around the world on concerns that the Greek financial crisis could spread, but it fell less than other markets and ended off session lows.Investors spooked by the latest twist in the European financial s
The New Zealand sharemarket fell along with markets around the world on concerns that the Greek financial crisis could spread, but it fell less than other markets and ended off session lows.
Investors spooked by the latest twist in the European financial story retreated from equity markets, shaving 1.9% off the Dow Jones Industrial Average. Asian markets fell sharply but recovered some ground as the day progressed.
The benchmark NZX-50 index closed down 11.351 points, or 0.3%, at 3280.561. Turnover was worth $82.9 million. There were 17 rises and 61 falls among the 115 stocks traded today.
Demonstrating the turnaround, Fletcher Building ended down a cent at $8.34 but off the session low of $8.26. Contact ended up 1c at $6.23, recovering from a low of $6.17.
"It was not a bad performance considering what happened offshore overnight and today in Australia," said Grant Williamson, director at Hamilton Hindin Greene.
Positives for the market included a strong ANZ National Bank business outlook survey today and yesterday's raised payout estimate from Fonterra.
Air NZ was unchanged at $1.37 after disclosing it has been in talks with Virgin Blue about a transtasman alliance, though no agreement has been reached.
The Warehouse, which announced completion of a bond sale today, eased 5c to $3.79.
Hellaby rose 13c to $1.70, AMP Office Trust rose 1c to 76c and Telecom rose 1c to $2.20.
NZ Windfarms, which disclosed support from major shareholders for its rights issue, rose 2c to 27c.
Cavalier fell 7c to $2.78, Infratil eased 4c to $1.70 and NZ Refining fell 7c to 36c. SkyTV fell 5c to $5.00 and Ebos fell 7c to $6.45.
Mainfreight fell 10c to $6.50, Rakon fell 1c to $1.02, Auckland Airport fell 1c to $2.01 and Steel & Tube fell 1c to 1c to $2.69.
