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Market sags even though budget well received
Thursday, 20, May. 2010



The New Zealand sharemarket failed to get a lift from a well received government budget and slipped for a fifth successive session as offshore markets continued to weaken.The benchmark NZX-50 index closed down 10.46 points, or 0.335 per cent, at 3111.415. Turnover was worth $104.4 million. There were 42 rises and 42 falls among the 111 stocks traded.The New Zealand dollar rose, particularly against the Australian dollar, in reaction to the budget, which forecast an earlier return to surpluses but made property investment less attractive from a tax perspective.

Listed property trusts were mixed as they benefited from a reduction in tax on portfolio investment entities to 28 per cent from 30 per cent, but suffered from the removal of depreciation on buildings."It seems to have been taken into account and property trust prices have been weak in past couple of weeks," said Grant Williams, director at Hamilton, Hindin, Greene."There has not really been much of a response from the market to the budget even though most analysts are saying it is pretty positive," he said.
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