5 May 2010

NZ market falls sharply

7:47 pm on 5 May 2010

The New Zealand market fell sharply on Wednesday as markets around the world reacted to investor concerns over high levels of European government debt.

The benchmark NZX 50 index was down 49 points, or 1.5%, to 3248 at the close of trade.

Fletcher Building was down 14 cents to $8.26 a share, Telecom fell 4c to $2.15 and Contact Energy was 6c lower at $6.21.

Air New Zealand was down 1c to $1.29, while Auckland International Airport also lost 1c to $1.99.

Sky Network Television dropped 9c to $4.93 and Sky City Entertainment was down 7c to $3.08.

PGG Wrightson fell 2c to 53c, NZ Oil and Gas was down 5c to $1.51 and New Zealand Refinery shed 7c to $3.65.

Fisher & Paykel Healthcare was down 2c to $3.57, while Fisher & Paykel Appliances was 1c lower at 66c.

Retailer Pumpkin Patch fell 7c to $2.13, and The Warehouse was 5c lower at $3.70.

At 5.20pm on Wednesday, the New Zealand dollar was trading at 71.93 US cents, 79.15 Australian cents, 47.52 pence, 68.12 yen and 0.553 euro. The Trade Weighted Index was at 67.95.