Wednesday, 1 October 2008


The Southland Times reflects the Southland conservatism as the Wild West Show raises nary an eyebrow in the deep south.

Impossible to predict impact of sharemarket fall: advisers

Southern investment advisers yesterday said while the fall in the New Zealand sharemarket was of concern, it was impossible to predict the full impact.

Forsyth Barr Invercargill manager Paul Tuckey said he expected at least short-term market volatility.

"But the current market is down about 3 percent while the United States market is down about 7 percent; at this stage it has not hit quite as hard." While the downturn in stocks could be concerning for some investors, for others it created a new opportunity to expand their portfolios, he said.

"A lot of investors these days have a good understanding of the market," he said.

Mr Tuckey said he had not had any phone calls from concerned clients yesterday.

Southern investors were more conservative than elsewhere, which was often reflected in their investment portfolios, he said.

"Good advice is important, but no more now than always," Mr Tuckey said.

ABN Amro Craigs Invercargill branch manager John Wilson said the sharp drop in share prices was largely reactionary to the events overnight but was buoyed by the stability shown by the New Zealand sharemarket at its close.

However, he said there could be market fluctuations until a resolution was found in the United States.

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