WELLINGTON, Feb 24 (Reuters) - New Zealand's benchmark stock index extended opening losses to more than 2 percent on Tuesday to its lowest level in nearly five years as it followed Wall Street's loss of confidence.
The benchmark NZX-50 index was trading down 2.06 percent or 52.3 points at 2,485.99 at 2235 GMT, its lowest level since March 2004.
Top stock Telecom Corp was down 2.1 percent at NZ$2.32, while the second ranked stock Contact Energy Ltd was down 4.1 percent to NZ$5.80 after reporting a 79 percent drop in its net first half profit.
Wall Street fell 3.4 percent to a 12-year low as investors lost faith that the U.S. government will be able to stablise the banking system. Keywords: MARKETS NEWZEALAND/STOCKS (Wellington newsroom tel +64 4 471-4234, fax +64 4 473-6212, wellington.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The benchmark NZX-50 index was trading down 2.06 percent or 52.3 points at 2,485.99 at 2235 GMT, its lowest level since March 2004.
Top stock Telecom Corp was down 2.1 percent at NZ$2.32, while the second ranked stock Contact Energy Ltd was down 4.1 percent to NZ$5.80 after reporting a 79 percent drop in its net first half profit.
Wall Street fell 3.4 percent to a 12-year low as investors lost faith that the U.S. government will be able to stablise the banking system. Keywords: MARKETS NEWZEALAND/STOCKS (Wellington newsroom tel +64 4 471-4234, fax +64 4 473-6212, wellington.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.