MARKET CLOSE NZ shares fall; Xero, Ryman drop from highs, Kathmandu gains

Wed, 01 May 2013

May 1 (BusinessDesk) – New Zealand shares fell as market shooting stars such as Xero and Ryman Healthcare retreated from record highs, while Kathmandu, A2 Corp and Fonterra Shareholders’ Fund advanced. The NZX 50 Index fell 11.35 points, or 0.2 percent, to 4603.01. Within the index, 27 stocks rose, 16 fell and seven were unchanged. Turnover was $111 million. Xero, the cloud-based accounting firm whose shares have soared on expectation it will eventually convert sales growth into earnings, slipped 11 percent to $13.30. Diligent Board Member S...

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