MARKET CLOSE: NZ shares fall led by growth stocks; Xero drops to 9-month low

Thu, 17 Jul 2014

By Suze Metherell July 17 (BusinessDesk) - New Zealand shares edged lower as investors shunned growth-orientated stocks in favour of companies offering a steady yield, led by accounting software developer Xero. The NZX 50 Index fell 1.857 points, or 0.04 percent, to 5112.386. Within the index, 18 stocks fell, 19 rose and 13 were unchanged. Turnover was $118.8 million. Investors sought companies which offer a yield over growth-orientated stocks, which have fallen out of favour in recent months after making big gains in the first quarter...

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