8 Aug 2008

New Zealand share market down 21 points

9:47 pm on 8 August 2008

The New Zealand share market took a dive on Friday as the NZX 50 index fell 21 points to 3358 on turnover of $113 million.

Telecom was down 28 cents to $3.40, while Contact Energy was up 10c to $8.70 and Fletcher Building wa down 11c to $6.69.

GPG was up 9c to $1.55 after selling its stake in Tower Australia for a profit of $A220 million.

Tower was up 6c to $2.16 after announcing on Thursday it will lose a 15-year-old venture with ANZ and National Bank.

Fisher & Paykel Appliances was up 8c to $2.11. New Zealand Oil and Gas was down 2c to $1.55.

The dollar continued to drift down, buying 70.32 US cents, 78.36 Australian cents, 36.40 pence, 77.00 yen and 0.4611 euro. The Trade Weighted Index was 64.37.

The Australian share market closed flat on Friday, with Westpac and St George the only standouts among banking stock and the big miners generally weaker.

The S&P/ASX200 index was up 2.9 points to 4986.2, while the All Ordinaries gained 7.6 points to 5037.6.

The September share price index futures contract fell one point to 4974 on a volume of 20,846 contracts.