MARKET CLOSE NZ shares drop as Fed move mulled; Michael Hill, Air NZ drop

Thu, 21 Nov 2013

Nov. 21 (BusinessDesk) – New Zealand shares fell, joining a selloff across much of Asia, on speculation the US Federal Reserve will wind down its stimulus of the world’s biggest economy. Michael Hill International led retailers lower and Air New Zealand extended its post-selldown slide. The NZX 50 Index fell 21.997 points, or 0.5 percent, to 4818.367. Within the index, 30 stocks fell, 11 rose and nine were unchanged. Turnover was $115 million. Australia’s S&P/ASX 200 Index fell 0.3 percent, Hong Kong’s Hang Seng was down 0.7 percent and Sing...

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