MARKET CLOSE: NZ shares drop, Tower and Air NZ fall, Kathmandu gains

Tue, 24 May 2016

By Sophie Boot May 24 (BusinessDesk) - New Zealand shares fell as Tower tumbled after reporting a wider full-year loss and Air New Zealand dropped to an 18-month low while Kathmandu Holdings recovered on optimism a cold snap across the country will boost sales of winter clothing. The S&P/NZX 50 Index dropped 35.12 points, or 0.5 percent, to 6,872.65. Within the index, 28 stocks fell, 15 gained and seven were unchanged. Turnover was $171.5 million. Tower led the index lower, dropping 11.9 percent to a three-month low of $1.56 after the...

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