MARKET CLOSE: NZ shares fall led by Telecom; Fonterra extends gains

Wed, 30 Jul 2014

By Suze Metherell July 30 (BusinessDesk) - New Zealand shares fell for a third day led lower by Telecom Corp after an analyst's report this week downgraded the stock to a 'sell'. Units in the Fonterra Shareholders' Fund rose after Fonterra Cooperative Group yesterday slashed its forecast milk payout and boosted dividends. The NZX 50 Index fell 7.004 points, or 0.1 percent, to 5158.552. Within the index, 15 stocks fell, 28 rose and seven were unchanged. Turnover was $171.6 million. Telecom led the benchmark index lower, dropping 2.6 per...

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