29 Jul 2008

Market finishes down 21 points

9:24 pm on 29 July 2008

The NZX 50 index finished on Tuesday down 21 points to 3236 on turnover of $84 million.

ANZ Bank was down 35 cents to $20.15 after cutting its full-year earnings by a quarter on higher costs to cover bad debts.

Telecom was down 2c to $3.59, Contact Energy was up 3c to $8.20 and Fletcher Building was down 24c to $6.25 after building consents fell to their lowest monthly total in seven years.

Auckland International Airport was up 2c to $1.86 after a spat on Monday with failed suitor Canada Pension Plan Investment Board over takeover costs will go to the High Court.

Methven was unchanged at $1.60, while Postie Plus was down 1c to 39c after shareholders agreed to sell its Arbuckle chain to Kathmandu founder and principal Postie Plus shareholder Jan Cameron for $4 million.

The dollar was buying 74.50 US cents, 77.75 Australian cents, 37.30 pence, 79.99 yen and 0.4730 euro. The Trade Weighted Index was 66.39.

Across the Tasman, the Australian share market fell 1.5% on Tuesday after a disappointing lead from the United States overnight that exacerbated jitters over local financial stocks.

The S&P/ASX200 index was down 74.7 points, or 1.52%, to 4847.4 while the All Ordinaries dipped 66.6 points, or 1.33%, to 4923.3.

The September share price index futures contract fell 106 points to 4831 on a volume of 21,433 contracts.

the Australian 200 index was down 70 points to 4852 by late Tuesday afternoon.