MARKET CLOSE NZ shares drop as Fletcher gives off ‘lower end’ vibe

Fri, 03 May 2013

May 3 (BusinessDesk) – New Zealand shares fell as Fletcher Building, the biggest company on the NZX 50 Index by market value, left some investors at a Macquarie briefing in Sydney with the impression earnings would be at the low end of guidance. The NZX 50 fell 30.14 points, or 0.7 percent, to 4544.32. Within the index, 22 stocks rose, 19 fell and nine were unchanged. Turnover of $139 million was boosted by the 6.1 million Fletcher shares that changed hands. Shares also fell as the MightyRiverPower retail offer closed. NZX chief executive T...

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