MARKET CLOSE NZ shares drop on profit taking, Fed jitters; Telecom falls

Fri, 24 May 2013

May 24 (BusinessDesk) – New Zealand shares tumbled as investors took advantage of weaker Chinese growth and hints of a possible end to quantitative easing in the US to take profits on companies that have propelled the NZX 50 Index to record highs this year. Telecom, Fletcher Building, Trade Me Group and Xero all fell. The NZX 50 fell 62.34 points, or 1.4 percent, to 4526.24. Within the index, 38 stocks fell, just two rose and 10 were unchanged. Turnover was $178 million. Stocks were weaker in Australia, pushing the S&P/ASX 200 Index down 1....

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