MARKET CLOSE NZ shares end 2013 on weak note as valuations stretched

Tue, 31 Dec 2013

Dec. 31 (BusinessDesk) – New Zealand shares fell on the last trading day of 2013 on perceptions that valuations in the local market have become a little stretched pending more evidence of earnings growth. Xero, Summerset Group and Fisher & Paykel Healthcare paced the decline. The NZX 50 Index fell 31.970 points, or 0.7 percent, to 4737.010 and has advanced 17 percent in 2013. Within the index, 30 stocks fell, four rose and 16 were unchanged. Turnover was just $22 million in a trading day shortened for the New Year holiday, about a fifth of i...

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