KEY POINTS:
The New Zealand sharemarket fell again today, sliding another 3.3 per cent after the Labour Day holiday on Monday buffered it from the big falls in Asian markets.
Early gains by some individual stocks evaporated amid continuing jitters by investors, and by day's end the NZX50 was down
around 35 per cent on the levels seen a year ago.
Investors' concerns about the global economic slowdown and shrinking corporate profits meant the NZX 50 finished down 3.291 per cent - or 91.45 points - at 2687.104 points at 5pm.
On Friday before the long weekend, the benchmark NZX50 index closed down 28.793 points, or 1.026 per cent, at 2778.546 on turnover worth just $51.59 million.
But that slope was more slippery today when the exchange re-opened, and in the first 20 minutes of trading the NZX lost 42.9 points, or 1.54 per cent, to be at 2735.592.
It began tracking the significant falls in Asia, and local stocks began shuffling lower after further slippage in the northern hemisphere.
In New York today Wall Street ended with big last-minute losses. The Dow Jones industrial average fell 203 points, or 2.42 per cent, to 8175.77 after earlier rising 220 points.
In Europe, shares fell to a 5-1/2 year closing low on Monday, weighed down by fears of an economic downturn.
The benchmark FTSEurofirst 300 index of top European shares closed down 1.65 per cent at 816.04 points, the lowest close since May 2003.
Though Japanese stocks moved into positive ground late in their trading day - after closing at 26-year lows on Monday - shares in Malaysia and Singapore dropped sharply, also after a local holiday weekend.
In Australia today the sharemarket ended 0.4 per cent down, after registering a fresh four-year low yesterday.
The benchmark S&P/ASX200 index was down only 14.6 points, or 0.38 per cent, at 3794.6 .
The total turnover of 29,234,569 shares on the NZX was worth $71.033m, and there were 12 rises and 83 falls among the 120 stocks traded.
The biggest volume traded was 8,397,795 - Telecom shares worth $18.9 million, followed by 3,290,271 Fisher and Paykel Health stocks worth $10.03m worth changing hands.
Fletcher building shares - 1,439,008 valued at $8.058m were traded, and $4.742m worth of 2,654,905 Auckland Airport shares sold.
Westpac dropped 197c, to $22.03, and Telecom lost 4c, to finish at 227.
New Zealand Oil and Gas fell 1c, to 121 and Fletcher Building dropped 27c to 553.
Auckland Airport, initially rose 1c, but slumped by day's end to 172, down 7c.
AMP NZ Office Trust was also initially up, but finished down by 2c at 96. Fisher & Paykel Healthcare fell 4c, to 297.
Rises included Sanford Fisheries, up 25c to 555, Sealegs up 4c to 20, and retailer Smith City, up 2c to 40.
Pyne Gould jumped 20c to 365, and NZ Windfarms rose 5c to 80.
- NZPA