The New Zealand sharemarket fell along with markets around the world on concerns that the Greek financial crisis could spread, but it fell less than other markets and ended off session lows.
Investors spooked by the latest twist in the European financial story retreated from equity markets, shaving 1.9 per
cent off the Dow Jones industrial average on Tuesday. Asian markets fell sharply but recovered some ground as the day progressed.
The benchmark NZX-50 index closed down 11.351 points, or 0.345 per cent, at 3280.561. Turnover was worth $82.9 million. There were 17 rises and 61 falls among the 115 stocks traded today.
Demonstrating the turnaround, Fletcher Building ended down a cent at 834 but off the session low of 826. Contact ended up 1c at 623, recovering from a low of 617.
"It was not a bad performance considering what happened offshore overnight and today in Australia," Grant Williamson, director at Hamilton, Hindin, Greene said.
Positives for the market included a strong National Bank of New Zealand business outlook survey today and yesterday's raised payout estimate from Fonterra.
Air NZ was unchanged at 137 after disclosing it has been in talks with Virgin Blue about a trans-Tasman alliance, though no agreement has been reached.
The Warehouse, which announced completion of a bond sale today, eased 5c to 379.
Hellaby rose 13c to 170, AMP Office Trust rose 1c to 76 and Telecom rose 1c to 220. NZ Windfarms, which disclosed support from major shareholders for its rights issue, rose 2c to 27.
Cavalier fell 7c to 278, Infratil eased 4c to 170 and NZ Refining fell 7c to 36. SkyTV fell 5c to 500 and Ebos fell 7c to 645.
Mainfreight fell 10c to 650 and Rakon fell 1c to 102. Auckland Airport fell 1c to 201. Steel & Tube fell 1c to 1c to 269.
In the United States stocks tumbled on the downgrades of Greece and Portugal, and as a grilling of Goldman Sachs on Capitol Hill heightened the possibility of financial reform.
Stocks posted their worst day in nearly three months. The CBOE Vix volatility index, Wall Street's barometer of investor fear, jumped about 31 per cent, its biggest one-day move since October 2008.
The Dow Jones industrial average dropped 1.9 per cent to 10,991.99, the Standard and Poor's 500 Index slid 2.3 per cent to 1183.71, and the Nasdaq Composite Index lost 2 per cent to 2471.47.
- NZPA
The New Zealand sharemarket fell along with markets around the world on concerns that the Greek financial crisis could spread, but it fell less than other markets and ended off session lows.
Investors spooked by the latest twist in the European financial story retreated from equity markets, shaving 1.9 per
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