MARKET CLOSE: NZ shares drop in wide-ranging selloff; Summerset, Air NZ, Xero fall, Spark gains

Tue, 14 Jun 2016

By Jonathan Underhill June 14 (BusinessDesk) - New Zealand shares fell as fears around the potential for Britain to exit the European Union continued to erode risk appetite. Summerset Group, Air New Zealand and Xero led the decline while Spark New Zealand gained. The S&P/NZX50 Index fell 89.32 points, or 1.3 percent, to 6834.95. Within the index, 41 stocks fell, four rose and five were unchanged. Turnover was a modest $153 million. Equity markets sold off for a second day in Asia, with Japan's Nikkei 225 Index falling 1.5 percent and A...

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