1 Jul 2009

Markets lower at start of financial year

9:06 pm on 1 July 2009

Markets in Asia and the Pacific were down at the start of the new financial year on Wednesday.

In New Zealand, the benchmark index was down 15 points, or 0.56%, to 2780 on turnover of $63 million.

Top stocks all fell. Telecom was down 1 cent to $2.72, Fletcher Building fell 16c to $6.42 and Contact Energy was down 5c at $5.80.

Hellaby Holdings was up 28c to $1.40 after saying its cut debt by a third to $51 million.

Genesis Research and Development rose five-and-a-half cents to 15c after saying it is poised to sign a deal with a big investor to develop its gene silencing business.

Pumpkin Patch was up 2c to $1.51 after announcing it is closing 20 of its 35 stores in the United States.

In Australia, resources and financial sectors lost ground following negative overseas leads.

At the 1615 AEST close, the benchmark S&P/ASX200 index was down 80.9 points, or 2.05%, at 3,874 points, while the broader All Ordinaries index fell 75.5 points, or 1.91%, to 3,872.3 points.

Japanese share prices closed down 0.19% as investors locked in profits a day after the market ended at a two-week high, dealers said.

The benchmark Nikkei-225 index lost 18.51 points to 9,939.93, having fallen back from the day's high above the key 10,000 level.

The broader Topix index of all first section shares slipped 1.46 points, or 0.16%, to 928.30.