MARKET CLOSE: NZ shares extend fall on OCR disappointment; Meridian, Genesis drop

Fri, 24 Jul 2015

By Suze Metherell July 24 (BusinessDesk) - New Zealand shares extended their fall from a record, led by Meridian Energy, as investors remained disappointed by yesterday's smaller interest rate cut than expected. Genesis Energy and Fletcher Building declined. The S&P/NZX 50 Index fell 7.12 points, or 0.1 percent, to 5894.18. Within the index, 24 stocks fell, 22 rose and four were unchanged. Turnover was $90.2 million. Investors sold equities for a second day after the Reserve Bank yesterday cut the official cash rate to 3 percent. The...

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