16 Mar 2010

NZ market slides

7:17 pm on 16 March 2010

The benchmark NZX 50 index closed down 24 points (0.7%) to 3208 on turnover of $53 million on Tuesday.

Telecom fell 4 cents to $2.17 after saying it will lose up to $168 million in the three years from 2011 over the Government's Rural Broadband Initiative.

Fletcher Building lost 6 cents to finish on $8.12 and Contact Energy was down 6 cents to $6.06.

Sky City Entertainment Group was down 3 cents to $3.25, and Sky Network Television down 10 cents to $5.00.

Air New Zealand fell 2 cents to $1.95, The Warehouse was down 5 cents to $3.85 and New Zealand Oil and Gas was down 1 cent to $1.57.

New Zealand Refinery rose 21 cents to $3.61, and Allied Farmers was up just 0.3 cent at 7.4 cents.

Across the Tasman, the ASX 200 index was up 4 points (0.8%) to 4789.

In currency markets, the NZ dollar was at 70.43 US, 76.98 Australian, 46.77 pence, 63.45 yen and 0.5144 euro. The TWI was at 64.79.