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Formal Market Report Number 12

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

 

Reference

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
Counterpart                  competitor
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.

 

Governing factors

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

Closing             2027.23
Difference                     -16.58 or 0.8 %
Turnover                      US $22 million

 

Explanation

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.

 

Summary

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.

 

Forecast

The NZSE may continue to be depressed until some good news breaks.

 

 

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