MARKET CLOSE NZ shares fall from highs ahead of earnings; Telecom, Ryman dip

Wed, 08 Aug 2012

Aug. 8 (BusinessDesk) - New Zealand shares fell in the lead up to earnings season amid speculation prices have strengthened enough already to reflect the outlook for stronger earnings. The decline was paced by Telecom, Ryman Healthcare and Mainfreight. The NZX 50 Index fell 3.02 points, or 0.1 percent, to 3581.79. Within the index, 22 stocks rose, 19 fell and nine were unchanged. Turnover was $99 million. New Zealand’s listed companies will lift normalised profit by a median 7 percent, based on Forsyth Barr’s forecasts for 43 companies that...

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