MARKET CLOSE: NZ shares drop to 4-month low following Wall St rout; A2 slumps 11%

Thu, 11 Oct 2018

By Paul McBeth Oct. 11 (BusinessDesk) - New Zealand shares joined Wall Street's rout, falling to a four-month low as investors sold out of growth-orientated stocks against the backdrop of rising US interest rates. A2 Milk Co led the slide, shedding more than a tenth of its value. The S&P/NZX 50 index dropped 329.62 points, or 3.6 percent, to 8,721.20, its ninth straight decline. Within the index, 49 stocks fell and just Sanford gained, up 0.3 percent to $7.68. Turnover was $138.2 million. The benchmark index has been on the turn for...

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