12 Aug 2010

Markets follow downward trend

3:21 pm on 12 August 2010

The New Zealand and Australian sharemarkets have fallen in line with global markets.

At 12:07pm on Thursday, the NZX50 index was down 41 points, or 1.3%, to 2994 on turnover of $20 million.

Fletcher Building was down 18 cents to $7.39, Telecom was down 5c to $1.99 and Contact Energy was down 1c at $5.65.

Sky City Entertainment was down 6c to $3.00 and Sky Network Television was down 7c to $4.96.

Fisher & Paykel Healthcare was down 1c to $2.88 and Fisher & Paykel Appliances was down 1c to 50 cents.

The Warehouse was down 3 cents to $3.47, Hallenstein Glasson down 5 cents to $3.85, and Kathmandu unchanged at $1.64.

Infratil lost 2c to $1.64.

Allied Farmers was down 0.4c, or 10%, to 3.7c, after the value of its Hanover Finance assets, was lowered to $94.3 million, about a quarter original purchase price. Separately, the company's finance arm had its credit rating cut.

Across the Tasman, the Australian 200 index was down 32 points to 4422.

The New Zealand dollar was trading at 71.30 US cents, 79.50 Australian cents, 45.55 pence, 60.68 yen and 0.5540 euro. The Trade Weighted Index was at 66.46.