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NZ sharemarket follows global equities lower


The New Zealand sharemarket opened sharply lower after Wall Street had its worst session since August on dismal economic data in the United States.

NZPA
Thu, 02 Jun 2011

The New Zealand sharemarket opened sharply lower after Wall Street had its worst session since August on dismal economic data in the United States.

Around 10.15am the benchmark NZX-50 index was down 29.26 points to 3522.28, after yesterday gaining 3.9 points.

Mainfreight was down 8c to 1000, Fletcher Building lost 7c to 886, Sky City dropped 6c to 356, Contact Energy was down 5c to 585, NZX dropped 5c to 249, Fisher & Paykel Healthcare fell 4c to 290, Freightways lost 4c to 330, and Telecom was down 3.5c to 240.

Among the few stocks gaining early Kathmandu Holdings was up 2c to 232, and Infratil edged up 1c to 187.

In the US, investors stampeded out of stocks and into bonds as US private employers hired far fewer workers than expected in May and manufacturing slowed to its lowest level since 2009, bolstering concerns that the

US recovery was running out of steam.

The Dow Jones industrial average was down 2.2 percent at 12,290.37, the Standard & Poor's 500 Index was down 2.3 percent at 1314.54, the Nasdaq Composite Index was down 2.3 percent at 2769.19.      

NZPA
Thu, 02 Jun 2011
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NZ sharemarket follows global equities lower
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