MARKET CLOSE: NZ shares fall as Westpac punished on first-half results; ANZ, Meridian, Kathmandu decline

Mon, 02 May 2016

By Jonathan Underhill May 2 (BusinessDesk) - New Zealand shares fell after Westpac Banking Corp posted earnings that missed estimates on increased impairments. Australia & New Zealand Banking Group, which also reports this week, and Kathmandu Holdings were among leading decliners. The S&P/NZX 50 Index fell 28.76 points, or 0.4 percent, to 6,791.82. Within the index, 31 stocks fell, 14 rose and four were unchanged. Turnover was $122 million. Westpac dropped 5 percent to $32.34 and ANZ Bank fell 4.2 percent to $25.53 on the NZX, pacing d...

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