MARKET CLOSE: NZ shares fall as companies miss lofty expectations; A2, Meridian drop

Wed, 24 Aug 2016

By Jonathan Underhill Aug. 24 (BusinessDesk) - New Zealand shares fell, led by A2 Milk and Meridian Energy as hopped-up investors who have driven the benchmark index to record highs weren't satisfied with results that broadly met expectations. The S&P/NZX 50 Index fell 57.03 points, or 0.8 percent, from a record high to 7410.30. Within the index, 32 stocks fell, 13 rose and six were unchanged. Turnover was $212 million. A2 dropped 8.7 percent to $2.10, even after reporting a return to profit that met its guidance in June and posting a...

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