NZX 50 down on eurozone fears
Tue, 05 Jun 2012 10:50a.m.
New Zealand shares fell to a three-month low when
trading resumed after the Queen's Birthday holiday, joining a global
slide sparked by weaker US economic data.
The NZX 50 index fell 0.9 per cent to 3,422.3038, the lowest since March 8, soon after opening on Tuesday.
sharp falls in Australian and Asian markets on Monday, Wall Street and
European markets closed mixed in volatile trading sessions.
Dow Jones Industrial Average finished the day down just 0.14 per cent,
after the US market suffered its worst day of the year on Friday with a
surprisingly weak employment report casting a pall of gloom over the US
The Australian stock market slumped almost two per cent to their lowest level in almost seven months on Monday.
Building, the largest construction company on the NZX 50, fell 1.5 per
cent, while Telecom shed 0.6 per cent in early trading.
Outdoor clothing retailer Kathmandu led the decline down 2.7 per cent. Oceanagold was the biggest gainer, up 6.5 per cent.
have seen some sellers coming into the market on the back of Wall
Street losing ground last Friday," said Grant Williamson, director at
brokers Hamilton Hindin Greene.
"It's not a big reaction from our market - the local market is performing well in the weak global uncertainty."
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