NZ stocks extend losses to 2 percent
June 27th, 2008 | by admin |WELLINGTON, June 27 (Reuters) - New Zealand’s benchmarkstock index extended its early losses to 2 percent on Friday,as data showed a contraction in the economy and U.S. stocksplunged.
The benchmark NZX-50 index .NZ50 last traded down 2.1percent or 69.2 points at 3222.76, its lowest since December2005, after opening 1 percent lower.
Top stock Telecom Corp (TEL.NZ: Quote, Profile, Research, Stock Buzz) was down 2.5 percent atNZ$3.547, while the third biggest stock Fletcher Building Ltd(FBU.NZ: Quote, Profile, Research, Stock Buzz) was down 4 percent at NZ$6.46. (NZ$1=$1.33)
