MARKET CLOSE: NZ shares extend decline on US rate outlook; Spark, Fletcher fall

Wed, 10 Sep 2014

By Suze Metherell Sept. 10 (BusinessDesk) - New Zealand stocks extended their decline from a record in quiet pre-election trading as speculation US interest rates will rise sapped investor appetite for risk-sensitive equity markets. Companies shedding rights to upcoming dividends led the decline, while Spark New Zealand and Fletcher Building fell after the local bourse joined a region-wide selloff. The NZX 50 Index fell 7.042 points, or 0.1 percent, to 5236.657. Within the index, 22 stocks fell, 15 rose and 13 were unchanged. Turnover was...

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