MARKET CLOSE: NZ shares down, NZX and Xero drop on de-listing news

Thu, 09 Nov 2017

By Sophie Boot Nov. 9 (BusinessDesk) - New Zealand shares dropped, led lower by NZX and Xero after the latter announced it will de-list from the local stockmarket in favour of Australia. The S&P/NZX50 Index fell 19.33 points, or 0.2 percent, to 8,021.09. Within the index, 27 stocks fell, 19 rose and four were unchanged. Turnover was $167.4 million. NZX led the index lower, down 2.5 percent to $1.17. "Xero de-listing means less fees and less trading, and it's a high-profile business and certainly one of the most high-profile shares,"...

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