MARKET CLOSE: NZ shares drop 1.4% on foreign selling, A2 Milk and Meridian lead losses

Thu, 11 Jan 2018

By Sophie Boot Jan. 11 (BusinessDesk) - New Zealand shares fell over 1 percent as foreign investors sold back their stakes, with A2 Milk Co and Meridian Energy hit hardest. The S&P/NZX50 Index dropped 114.46 points, or 1.4 percent, to 8,250.44. Within the index, 36 stocks fell, 10 were unchanged and just four rose. Turnover was $131.7 million. "The market has certainly had a change of direction. Stocks held largely by foreign investors have come under pressure and there are not a lot of buyers in the marketplace at the moment, so when...

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