MARKET CLOSE NZ shares fall on fundraising for Sky TV sale; Auckland Airport drops

Mon, 04 Mar 2013

March 4 (BusinessDesk) – New Zealand shares fell from near a 5-year high after Rupert Murdoch’s News Ltd said it will sell a 44 percent stake in Sky Network Television at a discount, prompting investors to liquidate other holdings to free up funds. The NZX 50 Index declined 64.38 points, or 1.5 percent, to 4253.60. Within the index, 40 stocks fell, eight rose and two were unchanged. Turnover was $155 million. Sky TV’s stock is halted for the sale, having last traded at $5.17. News Ltd’s placement of shares is being underwritten and managed b...

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