16 Jul 2008

Markets continue to fall

6:11 am on 16 July 2008

The New Zealand share market continued to fall on Tuesday, with the NZX 50 index closing down 39 points to 3040.

Telecom finished up 2 cents to $3.34, Contact Energy was down 25c to $7.15 and Fletcher Building was down 14c to $6.11.

Sky City Entertainment was down 67c to $2.96 after confirming on Monday that it would make a profit of between $108 million and $110 million. Goodman Feilder was down 6c to $1.67.

The dollar was buying 76.56 US cents, 78.57 Australian cents, 38.31 pence, 81.05 yen and 0.4805 euro. The Trade Weighted Index was 67.64.

The Australian share market plunged 2% on Tuesday.

The S&P/ASX200 index was down 105.3 points, or 2.14%, to 4815.7, while the All Ordinaries dropped 97.8 points, or 1.95%, to 4910.1.

At 1615 AEST on the Sydney Futures Exchange, the September share price index contract was 126 points lower at 4,811, on a volume of 28,216 contracts.