13 Aug 2008

Sharemarket finishes down eight points

7:23 pm on 13 August 2008

The NZX 50 index closed down eight points to 3345 on Wednesday on turnover of $111 million.

Fletcher Building finished the day up 15 cents to $6.58 after a 4% fall in annual profit. Telecom was up 5c to $3.38 and Contact Energy was down 10c to $8.45

Goodman Fielder was down 3c to $1.84 after saying it would take a one-off writedown of $A170 million on its Fresh Dairy division in New Zealand because of deteriorating economic conditions and high dairy product prices.

Kiwi Income Property Trust was down 2c to $1.12 after saying it might have to write down the value some of its property assets.

The dollar was buying 68.82 US cents, 79.61 Australian cents, 36.27 pence, 74.90 yen and 0.4615 euro. The Trade Weighted Index was 64.15.

The Australian sharemarket closed sharply lower on Wednesdayy, losing 2% as weaker financial and resource stocks added to the negative direction from Wall Street overnight.

The S&P/ASX200 was down 102 points, or 2.02%, to 4951.6, while the All Ordinaries lost 94.4 points, or 1.85%, to 4995.9.