The New Zealand sharemarket tumbled today but not as much as many other markets as investors started doubting the recovery story.
The benchmark NZSX-50 index closed down 35 points, or 1.099 per cent, at 3148.859. Turnover was worth $91.65 million. There were 13 rises and 63 falls among the 103
stocks traded.
Across Asia, investors were rattled by an Institute for Supply Management report showing US manufacturing growth was slower-than-expected in September, which helped push the Dow Jones average down 2.1 per cent, its worst one-day fall in three months.
"There was quite a sell off in offshore markets overnight as investors lost a bit of confidence and that's flowed through," said Grant Williamson, director at Hamilton, Hindin, Greene.
"Overall, you'd have to say New Zealand is performing better than most markets," he said.
There was little corporate news to trade off locally.
Steel and Tube rose 6c at 306, Auckland Airport rose 3c to 190 and Contact rose 6c to 585. Ebos rose 5c to 595 and NZX rose 4c to 819.
The losers were far larger in number and included Fletcher Building, down 14c to 838.
Telecom fell 7c to 262 and Fisher and Paykel Appliances fell 2c to 66. GPG fell 1c to 86, Nuplex fell 2c to 242 and Air NZ fell 1c to 122. SkyTV fell 3c to 475 and The Warehouse fell 5c to 420.
Methven fell 3c to 170 and Property for Industry fell 3c to 116.
Pyne Gould rights fell to 1.8c and the existing shares were unchanged at 43. Shareholders can buy six new shares for every one they own at 40c each under a rights issue.
PGG Wrightson fell 3c to 60.
Cavalier fell 3c to 267 and Sanford fell 5c to 485. Hallenstein Glasson fell 2c to 288. Ryman fell 2c to 280.
NZ Refining fell 15c to 485 and Mainfreight fell 17c to 532.
ANZ fell 67 to 2875 and Westpac fell 110 to 3090.
The Dow Jones industrial average was down 2.1 per cent at 9509.28, and the Standard & Poor's 500 Index fell 2.6 per cent to 1029.85.
The biggest loser was the Nasdaq Composite Index which was down 3.1 per cent at 2057.48.
The MSCI world equity index slid 2.1 per cent, kicking off October on a sour note after soaring 17 per cent in the third quarter.
- NZPA
