19 Feb 2009

NZX 50 closes down 51 points

10:23 pm on 19 February 2009

The NZX 50 index closed down 51 points to 2621 on turnover of $89 million on Wednesday.

Vector finished down 5 cents to $2.21 despite reporting that its half-year profit, excluding proceeds from the sale of the Wellington electricity network, rose 17% to $90.8 million.

Tourism Holdings was down 6c, or 9%, to 59c after reporting a half-year loss as the recession kept international visitors at home.

Telecom was down 3c to $2.47, Contact Energy lost 7c to $6.30 and Fletcher Building was down 14c to $5.44.

Fisher & Paykel Appliances shares, which have taken a battering this week after the company reported its full-year profit could halve and that it was looking to raise capital, finished down 6c to 66c.

The Warehouse was down 2c to $3.35.

The dollar was buying 50.88 US cents, 79.59 Australian cents, 35.74 pence, 46.92 yen and 0.4041 euro. The Trade Weighted Index was 52.09.

Across the Tasman, the ASX 200 index was down 68 points to 3396 by late Wednesday afternoon.