MARKET CLOSE NZ shares fall after rallying to 4 ½-year high; Fletcher drops

Fri, 26 Oct 2012

Oct. 26 (BusinessDesk) - New Zealand shares fell, having rallied to the highest level in about 4 ½ years, amid perceptions recent gains mean stocks are now fair value rather than under-valued. Fletcher Building and Fisher & Paykel Healthcare paced the decline. The NZX 50 index fell 6.7 points, or 0.2 percent, to 3983.78. Within the index, 23 stocks fell, 17 rose and 10 were unchanged. Turnover was a lower-than-average $80.3 million. Fletcher Building, the nation’s biggest construction company, dipped 1.3 percent to $7.12. F&P Healthcare, whi...

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