MARKET CLOSE: NZ shares fall; Telecom departs NYSE, Steel & Tube gains

Fri, 08 Jun 2012

June 8 (BusinessDesk) – New Zealand shares fell, paced by Telecom as the biggest company on the bourse said it would delist its NYSE-traded American depositary receipts and that it would meet profit guidance by cutting costs. Steel & Tube, which is to drop out of the NZX 50 Index this month, rebounded. The NZX 50 fell 24.48 points, or 0.7 percent, to 3449.47. Within the index, 21 stocks fell, 22 rose and seven were unchanged. Turnover was $99.7 million. Telecom dropped 2.6 percent to $2.43. Among cost cutting measures, the company will delist...

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