MARKET CLOSE NZ shares fall as Mainfreight guidance, Xero profit-takers emerge

Thu, 21 Mar 2013

March 21 (BusinessDesk) – New Zealand shares fell after global transport group Mainfreight said full-year earnings would miss analyst estimates and Xero snapped a stellar run, falling from a record high as some investors took profits. The NZX 50 Index fell 6.92 points, or 0.2 percent, to 4342.50. Within the index, 23 stocks fell, 21 gained, and six were unchanged. Turnover was $165 million. Mainfreight fell 4.7 percent to $11.20 after managing director Don Braid gave a range of $137 million to $139 million for pretax earnings, compared with...

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