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NZX-50 drops 0.5 percent, despite boost for Warehouse


New Zealand's benchmark index slumped over half a percent today as global worries deterred investors on both sides of the Tasman.

NZPA
Mon, 27 Jun 2011

New Zealand's benchmark index slumped over half a percent today as global worries deterred investors on both sides of the Tasman.

And analysts said that ahead of the end of the June 30 financial year on Thursday, investors such as big institutions had little reason to buy in with continuing worries about US growth and the Greek debt crisis ahead of a key vote this week on austerity measures weighing on financial markets.

Across the Tasman, Australian shares weakened even more, dropping 1.1 percent to head back down towards the year's low that they dipped to a week ago, and on track for the worst quarterly performance in a year as global worries deterred investors. 
 New Zealand's NZX-50 index slipped 0.507 percent -- shaving 17.518 points from its level -- to finish at 3438.082 points.

There were 34 rises and 39 falls among the 114 stocks traded, with a total of 43 million shares traded for a value of $113.5m.

Shares in big box retailer The Warehouse lifted sharply by 10c after a weekend report that Australian grocer Woolworths might look to boost its stake, and finished the day at 353.

Mainfreight gained 6c to 1021, fisher Sanford rose 3c to 535 and wool carpet company Cavalier rose 12c to 390.

But across the NZX-50 index -- which has mostly fallen over the past week -- many well-known stocks slipped.

Fletcher Building fell 3c to 864, Contact Energy was down 1c to 535, and cornerstone stock Telecom lost 5.5c to 245.5. Port of Tauranga fell 2c to 883.

Australian shares held just above the year's low of a week ago and were on track for the worst quarterly performance in a year.

The benchmark ASX 200 index tumbled 46.3 points to 4461.8, ending above the year low of 4451.70. It firmed 0.2 percent on Friday and posted its first weekly gain in five weeks. 
 In the US on Friday (local time) The Dow Jones industrial average dropped 1 percent to 11,934.58 at the close, the Standard & Poor's 500 Index fell 1.2 percent to 1268.45, and the Nasdaq Composite Index lost 1.3 percent to 2652.89.

For the week, the Dow fell 0.6 percent and the S&P 500 shed 0.2 percent, while the Nasdaq gained 1.4 percent.

NZPA
Mon, 27 Jun 2011
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NZX-50 drops 0.5 percent, despite boost for Warehouse
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