Telecom's share price measured new lows on low quantity as a restored tumult of equity markets worldwide crushed positive news such as a boost in dairy co-operative Fonterra's expenditure for upcoming year.

The standard NZX-50 index closed down at 57.398 points, or 1.875%, at 3003.826. Earnings were worth $96.3 million. There were 12 gains and 68 drops amongst the 114 stocks traded.

Telecom just had no pals on a miserable day on equity markets, closing on a new record low down of 185.

Stephen Wright at ASB Securities said that Telecom was going lower on low volume.

He said, "A feature of our market at the moment is that it is pretty quiet".

Fonterra has boosted its estimate expenditure for next season to be between $6.90 and $7.10 per kilogram of milksolids and increased anticipations that the expense could go over $8, offering a huge increase for the New Zealand economy.

But Mr. Wright said that the news had little influence on any of the share prices. NZ Farming Systems Uruguay increased 2c to 43, but NZX was unaltered at 155.

PGG Wrightson was also unaltered at 53, while Pyne Gould Corp. reduced a cent to 43.