14 Jul 2008

Local market lower

9:41 pm on 14 July 2008

The New Zealand share market's NZX 50 index was down 41 points, or 1.3%, to 3080 on turnover of $87 million on Monday, taking a cue from declines on Wall Street at the weekend prompted by concerns for embattled mortgage lenders Fannie Mae and Freddie Mac.

Telecom was down 6 cents to $3.33, Contact Energy was down 20c to $7.40 and Fletcher Building was down 13c to $6.25.

But Sky City Entertainment was up 2c to $3.02 after confirming it would make a profit of between $108 million and $110 million.

After weaker retail figures, The Warehouse was down 10c to $3.90, Hallenstein Glasson was up 6c to $2.63 and Pumpkin Patch was down 1c to $1.43.

The dollar was buying 76.13 US cents, 78.61 Australian cents, 38.34 pence, 81.02 yen and 0.4787 euro. The Trade Weighted Index was 67.48.

Across the Tasman, the Australian 200 index was down 54 points to 4925 by late Monday afternoon.