MARKET CLOSE: NZ shares drop, led by TradeMe, Air NZ while Fletcher gains

Fri, 09 Sep 2016

By Sophie Boot Sept. 9 (BusinessDesk) - New Zealand shares fell for a second day, correcting a market some traders say has become overvalued, with Trade Me Group and Air New Zealand among the biggest decliners. The S&P/NZX 50 Index dropped 66.14 points, or 0.9 percent, to 7,468.59. Within the index, 29 stocks fell, 11 rose and ten were unchanged. Turnover was $122 million. The benchmark index has gained 19.1 percent this year and hit a record high of 7,571.1 on Wednesday as investors chase yield in a world of low interest rates. "We...

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