MARKET CLOSE: NZ shares fall; Air NZ dips on gloomy outlook, investors cash in recent gains

Fri, 26 Aug 2016

By Paul McBeth Aug. 26 (BusinessDesk) - New Zealand shares fell as Air New Zealand declined after warning its record profit might not be repeated and investors cashed in recent gains in an earnings season where companies have responded to increasing demand for yield with bigger dividend payments. Sky Network Television gained after beating earnings expectations. The S&P/NZX 50 Index declined 35.98, or 0.5 percent, to 7391.3. Within the index 28 stocks fell, 17 rose and six were unchanged. Turnover was $160 million. Air New Zealand fe...

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