MARKET CLOSE: NZ shares drop on Fonterra, A2 weakness; Steel & Tube drops 18% on 2018 loss

Wed, 23 May 2018

By Sophie Boot May 23 (BusinessDesk) - New Zealand shares dropped after Fonterra Cooperative Group cut its dividend forecast, weighing on the Fonterra Shareholders' Fund and A2 Milk Co. Steel & Tube Holdings plunged to a 17-year low after warning of a full-year loss. The S&P/NZX 50 Index fell 60.09 points, or 0.7 percent, to 8,553.23. Within the index, 20 stocks fell, 19 rose and 11 were unchanged. Turnover was $171 million. Fonterra Shareholders' Fund units led the index lower, dropping 6.8 percent to $5.35. The cooperative has raised...

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