MARKET CLOSE: NZ shares fall; Meridian, Genesis, Spark decline

Thu, 02 Oct 2014

By Suze Metherell Oct. 2 (BusinessDesk) - New Zealand shares fell as offshore investors repatriated cash back home on the promise of yield. Meridian Energy, Genesis Energy, and Spark New Zealand fell. The NZX 50 Index dropped 29.346 points, or 0.6 percent, to 5245.237. Within the index, 28 stocks fell, 15 rose and seven were unchanged. Turnover was $110 million. The US Federal Reserve is winding down its bond buying programme, known as quantitative easing, at the end of this month. The programme has flooded markets with cash in a bid...

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