MARKET CLOSE NZ shares fall as investors prepare for MRP to join top 50 index

Fri, 19 Jul 2013

July 19 (BusinessDesk) - New Zealand shares fell for a third session, led by Tower as institutional investors re-weight their portfolios ahead of MightRiverPower’s addition to the top 50 index next week. The NZX 50 Index fell 25.079 points, or 0.6 percent, to 4538.306. Within the index, 31 stocks fell, 10 rose and nine were unchanged. Turnover was a lower-than-average $119.4 million. MRP fell 0.8 percent to $2.38 on turnover of $36.6 million as fund managers build their exposure to the stock in anticipation of its entry to the benchmark inde...

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