MARKET CLOSE NZ shares fall on Fonterra provision Kiwi Income gains, Chorus finds base

Mon, 11 Nov 2013

Nov. 11 (BusinessDesk) – New Zealand shares fell further from near a record high as Fonterra Cooperative Group flagged a provision against inventories, while Kiwi Income Property Trust rose after announcing the price to buy back its management contract. The NZX 50 Index fell 29.189 points, or 0.6 percent, to 4922.172. Within the index, 30 stocks fell, 16 gained and four were unchanged. Turnover was $113 million. Fonterra Shareholders’ Fund units declined 2.9 percent to $6.62. The dairy company said it has taken a $157 million provision agai...

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