REPORT # 12
Wellington, Sep 23: New Zealand shares Fell 0.8 percent in thin trade marked by telecom’s fan to an eight month low, dealers said.
The NZSE-40 capital index ended the day down 16.58 points at 2027.23 on turnover of U.S. $22 million. The telecom was down 10 cents at 4.94, its lowest point since early January, while its Australian counterpart Telstra lost two cents to lose in New Zealand at 5:88
This excerpt has been taken from the report issued by New Zealand Stock Exchange, Wellington of January 2, 200X.
Meanings of difficult words
Eight-month low lowest ever in the last eight months
Turnover total volume transacted
NZSE New Zealand Stock Exchange
Total volume of business
Total volume of shares transacted was thin and is reported at U.S. $22 million.
Tone and tendency of the market
The market was dull and lowest in eight months.
Lack of demand for shares of Telecom and Telstra, the two Australian giant companies, sent the market down.
Statistics of the NZSE
Opening index 2043.81
Difference -16.58 or 0.8 %
Turnover US $22 million
The report on the working of the New Zealand Stock Exchange suggests the poor performance of the shares. The whole stock exchange was taken hostage by telecom and Telstra that fell ten cents at 4.94 and two cents at 5.88 respectively, bringing the whole market down 16.58 points at 2027.23 with a turnover of U.S. $22 million. The Telecom, aNew Zealand’s giant company performed worst in eight months since January. The Telstra, an Australian mobile company registered at the NZSE aggravated the market already under pressure when the company shed its share price. Consequently, in line with them the other shares yielded to the pressure bringing down the index to as low as 2027.23 points.
The NZSE lost 16.58 points and closed at 2027.23 on total turnover at U.S. $22 million, the lowest turnover ill eight months. Two giant companies, Telecom and Telstra, lost ten and two cents respectively.
The NZSE may continue to be depressed until some good news breaks.