MARKET CLOSE NZ shares extend slide as Meridian IPO looms

Wed, 09 Oct 2013

Oct. 9 (BusinessDesk) – New Zealand shares extended their decline, led by Pumpkin Patch, Chorus and MightyRiverPower as investors sold shares in preparation for the partial privatisation of Meridian Energy shares and as weak card spending figures weighed on retailers. The NZX 50 Index fell 28.045 points, or 0.6 percent, to 4710.633. Within the index, 33 stocks fell, 12 rose and five were unchanged. Turnover was $130 million. The retail component of the government’s sale of 49 percent of Meridian closes on Oct. 18 while the institutional offe...

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