NZ stocks extend losses to 2.1 pct

WELLINGTON, July 3 (Reuters) - New Zealand's benchmark stock index extended its losses to 2.1 percent on Thursday, following the lead of Wall Street which closed about 1.5 percent lower.

The benchmark NZX-50 index .NZ50 last traded down 68.5 points at 3,094.89, its lowest level since June 2005, after opening about 1 percent lower.

Top stock Telecom Corp (TEL.NZ) was 9 cents or 2.7 percent down at NZ$3.30, while the second biggest stock Contact Energy Ltd (CEN.NZ) shed 23 cents or 2.9 percent to NZ$7.65.

So far this year the NZ market has fallen 23.4 percent.

The Dow Jones industrial average .DJI sank 1.5 percent into a bear market after a report showed U.S. private employers cut the most jobs in nearly six years and oil shot to another record. (NZ$1=$1.32)