18 Nov 2008

New Zealand market closes down 27 points

8:32 pm on 18 November 2008

The New Zealand market closed down on Tuesday, with the benchmark NZX 50 index dipping 27 points to 2714 on turnover of $56 million.

Telecom finished down 8 cents at $2.34, Contact Energy was down 5c to $7.20 and Fletcher Building was up 8c to $5.72.

Lion Nathan was down 28c to $9.92 after the brewer and wine maker reported a 4% rise in profit before one-offs rose to $A278.3 million for the year to September.

Rakon lost 7c to close at $1.04, sliding further after last week's poor half-year result.

The dollar is trading at 55.07 US cents, 85.32 Australian cents, 36.79 pence, 53.2 yen and 0.4367 euro. The Trade Weighted Index was 56.34.

The Australian share market closed down 3.5% at fresh four-year lows, wiping $A34 billion from the value of the market after a weaker performance on Wall Street overnight.

The S&P/ASX200 index was 129.8 points, or 3.55%, lower at 3523.2, while the All Ordinaries lost 126.4 points, or 3.47%, to 3513.1, led down by resource and banking stocks.

On the Sydney Futures Exchange, the December share price index contract was 173 points lower to 3523 on a volume of 34,217 contracts.