17 Nov 2008

New Zealand market down

9:32 pm on 17 November 2008

The New Zealand share market finished down on Monday, with the NZX 50 index slipping 25 points to 2741 on turnover of $47 million.

Telecom closed down one cent to $2.42, Contact Energy remained unchanged at $7.25, and Fletcher Building dipped 13c to $5.64. Rakon lost 14c to close at $1.11, sliding further after last week's poor half-year result. Infratil lost 3c to $1.81 after its half-year results.

The dollar was trading at 55.37 US cents, 85.49 Australian cents, 37.48 pence, 53.99 yen and 0.4398 euro. The Trade Weighted Index was 56.76.

Across the Tasman, the Australian share market closed down 2.5% as investors remained concerned about the continuing gloomy economic outlook.

The benchmark S&P/ASX200 index was down 95.1 points, or 2.54%, at 3,653, while the broader All Ordinaries index lost 86.5 points, or 2.32%, to 3639.5.

On the Sydney Futures Exchange, the December share price index futures contract was 62 points lower to 3,695 on a volume of 28,232 contracts.