MARKET CLOSE NZ shares fall as budgets loom; MRP within cent of IPO price

Tue, 14 May 2013

May 14 (BusinessDesk) – New Zealand shares fell as recently listed MightyRiverPower continued to dominate trading, dropping to within 1 cent of last week’s offering price. PGG Wrightson shed more than 10 percent after cutting its guidance. The NZX 50 Index declined 25.78 points, or 0.6 percent, to 4645.85. Within the index, 29 stocks fell, nine rose and 12 were unchanged. Turnover was $163 million. MightyRiverPower fell 3.8 percent to $2.51 as 19.9 million of its 1.4 billion shares changed hands, valued at $51 million. Fletcher Building gain...

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