MARKET CLOSE NZ shares fall from near 5-year high; Telecom, Xero dip

Fri, 04 Jan 2013

Jan. 4 (BusinessDesk) – New Zealand shares fell, as a rally that has pushed the NZX 50 Index to near a five-year high, faltered on concern the gains have left some equities fully valued. Telecom paced the decline and Xero dipped. The NZX 50 fell 7.328 points, or 0.2 percent, to 4075.038. Within the index, 18 stocks fell, 20 rose and 12 were unchanged. Turnover was $70.1 million. Telecom, the biggest phone company on the exchange, fell 1.4 percent to $2.18. The shares are rated ‘underperform’ based on the consensus of 10 recommendations compi...

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