MARKET CLOSE NZ shares drop, led by Telecom, Sky TV as earnings disappoint

Fri, 24 Aug 2012

By Jonathan Underhill Aug. 24 (BusinessDesk) - New Zealand shares fell, led by Telecom and Sky Network Television, which were punished for disappointing earnings after being bid up ahead of their results. Warehouse Group, the biggest retailer on the bourse, gained after rival retailers reported sturdier results. The NZX 50 Index dropped 40.75 points, or 1.1 percent, to 3622.59. Within the index, 21 shares fell, 17 rose gained and 12 were unchanged. Turnover was $165 million, about a third higher than the usual average benchmark of about $100...

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