MARKET CLOSE: NZ shares fall on Air NZ profit-taking, selldown of property companies

Wed, 03 May 2017

By Jonathan Underhill May 3 (BusinessDesk) - New Zealand shares fell, snapping a seven-day rally, as Air New Zealand was sold after recent gains and investors sold property companies such as Property for Industry, Goodman Property Trust and Kiwi Property Group on the view that rising interest rates makes their dividend yield less appealing. The S&P/NZX 50 Index fell 16.65 points, or 0.2 percent, to 7405.84. Within the index, 28 stocks fell, 16 gained and six were unchanged. Turnover was a larger-than-average $261 million. Air New Zeala...

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