The market value of New Zealand's biggest companies dropped sharply this week, despite their fortunes having no direct links to the debt woes of the United States or Europe.
As markets around the world plummeted - in some cases by more than 6 per cent - the shares of Fletcher Building, Telecom and Contact Energy also came tumbling down.
Fletcher Building shares shed 28c yesterday, falling 3.7 per cent to $7.20. The stocks of New Zealand's second-biggest company, Telecom, closed at $2.37, down 11.5c or 4.6 per cent. Contact Energy's share price dropped 1.8 per cent, or 9c, closing at $4.82.
The share price slide is something of a turnaround, particularly for Telecom, which had relished steady market gains since it won the bulk of the Government's ultra-fast broadband contracts in May. Most of those gains have now slipped away.
Fletcher Building is in a similar position. Its value has dropped even though US debt problems are unlikely to throw it from the box seat it will have during the Christchurch rebuilding.