KEY POINTS:
The ongoing collapse of the PGG Wrightson share price was a feature on a very bleak day on the share market.
The US stock market dived and the local news even from well regarded listings was bad.
"You'd have to say that the reporting season so far has been more disappointing than most were expecting," said Grant Williamson, director at Hamilton, Hindin, Greene.
Next week is a huge week for profit reports.
The benchmark NZSX-50 index closed down 40.246 points, or 1.538 per cent, at 2576.68. Turnover was worth $76.46 million. There were 19 rises and 65 falls. The market was down more than 2 per cent during the session to its lowest point since May 2004.
SkyTV fell 24c to 395 when the cost of investment in its new High Definition platform attracted investor attention even though the business overall increased revenue and had a record number of subscribers.
Cavalier fell 3c to 172 after reporting a lower interim profit and cutting the interim dividend.
"It is showing a very tough environment and their debt has increased sharply," said Mr Williamson.
But the prize for most out of favour stock went to PGG Wrightson, down another 23c to 59, having fallen from 299 last August.
New Zealand Farming Systems Uruguay lost 16c to 40.
"Investors are getting extremely concerned now. It is really looking pretty sad there for that group of companies," Mr Williamson said.
Fletcher Building was the highlight among the leaders, up 20c to 545 and AMP lost 20c to 625 after a strong performance the day before.
Other leaders struggled. Telecom was down 12c to 238 and the decline of Fisher & Paykel Appliances this week continued with it falling another 3c to 59.
Tourism Holdings fell 2c to 55, TrustPower 15c to 725 and Contact 15c to 610. NZOG fell 3c to 127.
Nuplex after a major sell off this week was down 5c at 145.
Air New Zealand fell 1c to 85 and Pike River Coal fell 2c to 88.
In the US, the Dow closed at a more than six-year low on Thursday.
After several near misses this week, blue chips blew through the November 20 bear market closing low in late trade, erasing a year-end rally built on hopes a new president would successfully tackle the deepening recession.
Shares of major banks tumbled on concerns about government plans to mop up bad assets from their books.
The Dow Jones industrial average lost 89.68 points, or 1.19 per cent, to close at 7465.95, after setting an intraday bear market low of 7447.55. The Standard & Poor's 500 Index gave up 9.48 points, or 1.20 per cent, to 778.94. The Nasdaq Composite Index was down 25.15 points, or 1.71 per cent, at 1442.82
- NZPA
