Oct 16, 2008

NZX Down 3%

We have followed the world as expected.

This from Reuters

The New Zealand stock market started the day over 3 percent lower, following another steep fall overnight on Wall St as global markets price in fears of a steep worldwide recession.
The benchmark NZX 50 index started the day down 94.59 points, or 3.25 percent lower at 2810.052. in early trading
Leading blue chip Telecom was down 14c at $2.30, with Fletcher Building at $5.95, down 28c early in the session.
Contact Energy fell 20c to $7.15, with NZ Oil and Gas down 6c to $1.17. Pike River Coal was down 7c to $1.40 early in the morning, with Warehouse down 10c to $3.44
Gloomy economic data and a warning from the US Federal Reserve sent the Dow Jones industrial average down 733.08 points, or 7.87 percent, at 8,577.91 overnight.
The Standard & Poor's 500 Index plunged 90.18 points, or 9.04 percent, at 907.83. The Nasdaq Composite Index tumbled 150.68 points, or 8.47 percent, at 1,628.33.
Federal Reserve Chairman Ben Bernanke said credit market turmoil poses a "significant threat" to an already weak economy. He also said it will take some time to restore normal credit flows and he pledged the US central bank would continue to act aggressively to fight the crisis.
The United States reported its biggest monthly decline in retail sales in more than three years, and Europe offered negative economic data and outlooks of its own.