MARKET CLOSE: NZ shares drop for fifth session; Auckland Airport, Chorus, TradeMe fall

Mon, 10 Oct 2016

By Sophie Boot Oct. 10 (BusinessDesk) - New Zealand shares dropped for the fifth consecutive session to a near-three-month low, led down by Auckland International Airport, Ryman Healthcare and Chorus. The S&P/NZX50 Index fell 50.88 points, or 0.7 percent, to 7,116.93. Within the index, 34 stocks dropped, 12 rose and four were unchanged. Turnover was $109 million. "The downtrend in the New Zealand market is all about the yield play, it's the perception of higher interest rates in the US that's shifted money away from our quasi-bond yie...

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