MARKET CLOSE: NZ shares fall on smaller RBNZ rate cut; Meridian, Contact decline

Thu, 23 Jul 2015

By Suze Metherell July 23 (BusinessDesk) - New Zealand shares fell from a record as investors looked to pocket recent gains after some were disappointed by a smaller interest rate cut than expected. Contact Energy and Meridian Energy fell. The S&P/NZX50 Index fell 26.45 points, or 0.4 percent, to 5901.3. Within the index, 29 stocks fell, 15 rose and six were unchanged. Turnover was $107 million. Investors sold equities after the Reserve Bank cut the official cash rate 25 basis points to 3 percent, a smaller cut than a 50 basis points...

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