NZ stocks: Index plumbs new 14-month low

12.30pm

The top 40 share index plumbed new 14-month lows today in a market lacking news and interest.

The NZSE-40 capital index was down 10.11 points to 1915.27 at 11.45am, a point lower than the previous low hit last week.

Turnover was reasonable at $24 million, with $8 million traded in Telecom, and over $3 million in each of Auckland Airport and Sky City.

Telecom lost another 8c to 452 and was close to its 14-month troughs. Auckland Airport was steady on 522 and Sky City was down 1c on 759.

Number two stock Carter Holt Harvey fell 1c to 171.

Fisher & Paykel Healthcare, which is holding an analysts' briefing today, was down 5c to 1000 while its sister, F&P Appliances, was down 15c to 1030.

Air New Zealand, which yesterday made its application with Qantas to the Commerce Commission for an alliance, was down 1c to 50. There are general concerns about its Star Alliance partner, United Airlines, which today declared bankruptcy.

Port of Tauranga, one of this year's star performers, rose 6c to 436.

Tranz Rail rose 3c to 95, The Warehouse rose 3c to 713, Pacific Retail fell 9c to 286, Michael Hill rose 7c to 574 and Vending Technology was down 9c to 171.

There were 26 rises and 35 falls among the 101 stocks traded.

US stocks dropped sharply as a ratings cut for computer maker International Business Machines Corp and jitters about the economic fallout from the bankruptcy of United kept a lid on sentiment.

The Dow fell 172 points, or 2 per cent, to 8473.

- NZPA