19 Aug 2008

Sharemarket drops 15 points

7:29 pm on 19 August 2008

The New Zealand sharemarket dipped during trading on Tuesday, the NZX 50 index falling 15 points to 3319 on turnover of $257 million.

Telecom finished the day down 2c to $3.23, Contact Energy was down 1c to $8.60 and Fletcher Building was down 24c to $6.86. Fisher & Paykel Appliances was up 4c to $1.89.

Freightways was down 2c to $3.28 after posting a 5% increase in annual profit to $32.3 million on Monday.

PGG Wrightson was down 5c to $2.85 after making a full-year profit of $73.2 million.

AMP NZ Office Trust was up 1c to $1.07 after a 27% increase in profit to $52.2 million for the year to June.

New Zealand Oil and Gas was up 2c to $1.48.

The dollar was buying 70.83 US cents, 81.52 Australian cents, 37.97 pence, 77.88 yen and 0.4822 euro. The Trade Weighted Index was 66.04.

The Australian sharemarket closed down more than 2%, dragged down by the resource and financial sectors and a weak lead from Wall Street overnight.

The S&P/ASX200 index was down 118.6 points, or 2.38%, to 4866.4, while the All Ordinaries fell 113.1 points, or 2.24%, to 4930.4.

The September share price index futures contract was down 166 points to 4839 on volume of 27,382 contracts.