ING Morning Report

Wednesday, 19 November 2008

 New Zealand
NZSX50: Down 27 2715
Turnover: $28m
Volume:
90 day: Down10 5.99%
10 year: Down 7 5.74%
NZD/USD: Down 95 .5495
NZD/EUR: Down 38 .4355
TWI:Down 73 56.14
  • The New Zealand sharemarket had a quiet day yesterday as investors waited on the sidelines to see how markets would fare in the financial crisis.
  • Among the leading stocks which closed down, Telecom was down 8c to 234 and Contact 5c to 720.
  • Infratil was down 2c to 179, on top of a 3c loss on Monday after it announced an interim profit.
  • Dual-listed Lion Nathan was down 28c to 992 after announcing a 3.3% fall in overall net profit to A$272.7 million for fiscal 2008.
  • Sky TV fell 5c to 350, Port of Tauranga 4c to 656, Auckland Airport 3c to 167, Rakon 7c to 104, Sanford 10c to 550 and Mainfreight 7c to 473.
  • Hallenstein Glasson was down 2c to 228 after it said it had delayed plans to move Glassons' buying function to Melbourne.
  • Charlie's was down 5c to 12c and Pumpkin Patch 6c to 94, after both held their annual general meetings yesterday and announced their plans for surviving the current economic climate.
  • In other news, Postie Plus was down 1c to 32 following the release of figures showing sales were down 8.5%in the last quarter.
  • Among the top-50 rises Fletcher Building was up 8c to 572, Tower 5c to 150, Trustpower 7c to 732 and NZ Refinery 5c to 605.
 Australia
S&P/ASX200: Down 130 3523
NZD/AUD:Down 39 .8471
  • The Australian share market closed at fresh four-year lows yesterday, wiping $34b from the value of the market following a weaker performance on Wall Street overnight.
 United Kingdom
FTSE-100: Up 77 4209
NZD/GBP: Down 41 .3677
  • An upbeat opening on Wall Street helped London finished higher yesterday despite worries over the strength of the global economy.
 United States
Dow Jones: Down 113 8160
S & P 500: Down 20 831
Nasdaq: Down 46 1437
  • US stocks slumped yesterday afternoon as reassurance from government officials that the $700 billion bailout plan is starting to work failed to soothe investors worried about the flailing auto sector and the economy.
 Japan
Nikkei: Down 195 8328
NZD/JPY:Down 117 53.07
  • Japanese shares fell yesterday led by exporters and banks, as bad economic and corporate news added to worries about the economic outlook.

NB: NZ prices/rates are as at end of the previous trading day.
Offshore indices are as at 8.00am today

"There are three kinds of lies: lies, damned lies, and statistics."
Benjamin Disraeli

This commentary is brief and general in nature and should not be relied upon as giving any investment or financial advice. While all care has been taken in the preparation of this document, ING gives no warranty as to the accuracy of the information and takes no responsibility for any errors or omissions. This document may not be reproduced, distributed or published by the recipient for any purpose without the express permission of ING New Zealand.