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New Zealand Stock Exchange To Close Market For Two Hours On September 11

Date 05/09/2002

The New Zealand Stock Exchange will close its market for the first two hours of trading on September 11 to mark one year on from the terrorist attacks on the World Trade Centre in New York.

Chairman Simon Allen said the NZSE was taking the action to honour the victims, their families and the heroic rescue workers and to show support for the United States.

"The New York Stock Exchange, which is at the heart of the global financial markets, has already announced it will close for the first two hours on September 11 as a mark of respect for those who died in the tragedy.

"The global financial community was hit particularly hard on September 11 and suffered huge losses and trauma, from which it has not yet recovered.

"The NZSE has decided to follow the New York Stock Exchange lead as a sign of solidarity and to remember all those affected by the devastating events of last year."

Chief Executive Mark Weldon said, given that New Zealand was the first market in the world to open each day, it was appropriate to delay trading next Wednesday.

"We are the first country to see the new day, and will be the first market to open on September 11, 2002. It is therefore without question appropriate that we delay opening by two hours to show our support and respect for New York and the United States."