MARKET CLOSE NZ shares drop; GPG falls on pension jitters, Trade Me declines

Mon, 27 May 2013

May 27 (BusinessDesk) – New Zealand shares fell, pushing the NZX 50 Index down to a month-low, as investors fretted about the UK’s regulator focus on Guinness Peat Group’s pension liabilities and a brokerage put a sell order on Trade Me after its 23 percent surge this year. The NZX 50 fell 48 points, or 1.1 percent, to 4478.20, the lowest close since April 22. Within the index, 36 stocks fell, nine rose and five were unchanged. Turnover of $599 million was inflated by 60.3 million units of Fonterra Shareholders’ Fund after 20 percent of Fonte...

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