MARKET CLOSE: NZ shares fall as greenback view spur offshore selling

Thu, 19 May 2016

By Jonathan Underhill May 19 (BusinessDesk) - New Zealand shares fell from a record high as speculation about a Federal Reserve rate hike next month drove up the US dollar and prompted some offshore funds to trim their investments. Auckland International Airport, Meridian Energy, and Genesis Energy led a late selloff. The NZX 50 fell 79 points, or 1.1 percent, to 6903.63. Within the index, 33 stocks fell, 12 rose and five were unchanged. Turnover was $215 million. Stock markets were broadly weaker across Asia after the minutes of the l...

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