MARKET CLOSE NZ shares drop; Fletcher, Kathmandu hurt by high kiwi, Hallenstein extends slide

Fri, 17 Jan 2014

By Suze Metherell Jan. 17 (BusinessDesk) – New Zealand shares dropped as the kiwi hit an eight-year high against the Australian dollar, weighing on companies that make sales across the Tasman such as Fletcher Building and Kathmandu Holdings. Apparel retailer Hallenstein Glasson Holdings sank to a four-year low after posting weak sales this week. The NZX 50 Index fell 27.343 points, or about 0.6 percent, to 4893.947. Within the index, 25 fell, 16 stocks rose and nine were unchanged. Turnover was $104 million. The New Zealand dollar rose as hi...

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