Market Plunge - Foreign Markets - Ecommerce Stocks - Other Stocks - Inflation Up - Us Markets - Internet Ruling -
Korean Turbulence - League Violence
MARKET PLUNGE: New Zealand’s sharemarket took at tumble today with 4.7 per cent drop in overall trading in the worst day
since the Asian crisis. Smaller shareholders panicked today with the Internet stocks leading the drop. The markets may
improve however, picking up if the American markets improve.
FOREIGN MARKETS: In Australia, and Asia the drop has been more pronounced with markets dropping between 6-8 per cent.
ECOMMERCE STOCKS: In New Zealand ecommerce stocks took a battering with a merger between Ihug and a smaller partner put
on hold. While down those in the market says our tech-stocks are still valuable and they expect them also to rise.
Analysts say there is no comparison to the 1987 crash when NZ companies were structured much differently.
OTHER STOCKS: In New Zealand stocks Telecom, Advantage, and Baycorp, and Fletcher energy all were sold heavily.
INFLATION UP: Inflation is also a worry today with prices rising 0.7 per cent today, due mainly to the rising petrol
prices and also to the increase in the price of food.
US MARKETS: The United States market is starting trading soon, with more nervousness expected in the market tomorrow,
however this season shows the start of US companies posting their profit results and this may give some upward pressure
to the markets.
INTERNET RULING: Internet company I4free has won its latest court battle against Telecom which means the company must
give i4free access to its 0867 line until both parties solve their legal dispute.
KOREAN TURBULENCE: A rough ride for Korean air passengers after the airline took a terrifying lurch in air-turbulence
five hours out of Auckland. Many passengers were treated in Auckland hospitals for their injuries.
LEAGUE VIOLENCE: A violent rugby league match in Australia which spilled over the sidelines into a brawl has led the
bosses of the Australian league to take action over the affair. However New Zealand commentators believe the Cowboys,
not the Auckland Warriors were responsible for the brawl in which a cheerleader was injured