New Zealand share prices closed down almost two percent on Monday following steep falls in overseas equity markets, dealers said. The benchmark NZSX-50 gross index ended down 58.02 points or 1.93 percent at 2,952.77, under the 3,000 mark for the first time since last December. Turnover was 131.1 million New Zealand dollars (93.5 million US). Of the 162 stocks traded, there were just 12 rises against 125 falls. Dealers said the fall reflected movements in other regional markets and followed steep declines on Wall Street last Friday.
Market leader Telecom went against the grain, gaining one cent to 5.96 dollars. The only other top 50 stock to rise was Lion Nathan, up five cents at 7.80 dollar.
Some of the day's biggest losers included stocks with international exposure. Michael Hill Jeweller was down 45 cents at 6.60 dollars, Tenon down 18 cents at 3.72, Fisher and Paykel Appliances was off 13 cents at 2.77 and The Warehouse shed 18 cents at 3.61. Independent Newspapers, which last Friday revealed details of its planned merger with Sky Network TV, fell 22 cents to 6.10 dollars while Sky TV was down 50 cents at 6.40.