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Market falls produce buying opportunities

New Zealand stocks fell, following a rout in stocks across the globe in the wake of the Lehman Brothers bankruptcy and concern about ailing world economic growth.

Wednesday, September 17th 2008, 7:02AM

by Jonathan Underhill

The benchmark NZX 50 Index fell 2.8% to 3229.824 and was earlier down about 3% to the lowest level this month. All but four securities in the NZX 50 fell today, with Telecom dropping to a 15-year low of $2.81.

The decline has spread across Asia today. The MSCI Asia Pacific Index fell 3% to 112.11, the lowest level in almost three years. Japan's Nikkei 225 Stock Average dropped 4.7%. Shares tumbled on Wall Street after Lehman Brothers failed to find a buyer and Merrill Lynch agreed to be acquired by Bank of America for US$50 billion in a hastily devised rescue.

Citigroup, the biggest US bank, fell 15% yesterday, while Goldman Sachs dropped 12% and Morgan Stanley declined 14%.

"This is the sign of a bear market, driven entirely by sentiment" said Rickey Ward, who helps manage $450 million of shares at Tyndall Investment Management. "Prices are incredibly volatile and there's limited liquidity. People are having to cross spreads to buy or sell."

The 10 biggest companies on the New Zealand exchange all declined today. About $1.03 billion was wiped off the value of the NZX 50, which had a market capitalisation of about $37.9 billion today.

The decline has created "some great opportunities" for investors taking more than a 24-hour view, Ward said. He cited New Zealand Oil & Gas, which has sunk 4.6% to $1.45 yesterday.

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  • a2: could the milk be starting to turn?
    “Great Fundemental look.I guess in the ASX50 . as long as Aussies still love buying the Dip..its no worries Graeme Adams...”
    21 hours ago by Graeme33
  • It starts with governance
    “Hi David and thanks for your words also. I did read the FMA stuff before the post and also in my first response mention...”
    23 hours ago by gavin austin adviser business compliance
  • AMP reports profit drop amid 'solid' result
    “Sadly, AMP is becoming less and less relevant. Apart from this tiny blip of positive cash inflow, they've been bleeding clients...”
    23 hours ago by Contrarian
  • It starts with governance
    “Good words Gavin - might also mention the FMA publication - https://www.fma.govt.nz/compliance/guidance-library/corporate-governance-in-new-zealand-principles-and-guidelines/...”
    23 hours ago by dcwhyte
  • It starts with governance
    “adviser1 - go talk to Partners Life. they have a great tool to help with this sort of stuff. ...”
    1 day ago by Tash
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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
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China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 ▼3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
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SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
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TSB Special 4.54 2.55 2.69 2.99
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Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

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