MARKET CLOSE NZ shares drop on Australia view, Pumpkin Patch CEO leaves

Tue, 30 Jul 2013

July 30 (BusinessDesk) – New Zealand shares fell after the Australian central bank governor indicated he may cut rates to revive a flagging economy, driving up the kiwi dollar against its trans-Tasman counterpart and weighing on companies exposed to that economy. The NZX 50 index fell 27.89 points, or 0.6 percent, to 4550.585. Within the index, 21 stocks fell, 17 rose and 12 were unchanged. Turnover was $84 million. The kiwi dollar rose to a new five-year high against the Australian dollar after RBA governor Glenn Stevens said in a speech th...

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