MARKET CLOSE: NZ shares gain on hunt for yield; Meridian, MRP rise

Wed, 19 Nov 2014

By Suze Metherell Nov. 19 (BusinessDesk) - New Zealand shares rose, paced by Meridian Energy and MightyRiverPower, as investors chased stocks with relatively attractive yields. Fonterra Shareholders' Fund gained after dairy prices fell. The NZX 50 Index rose 17.028 points, or 0.3 percent, to a record close of 5522.056. Within the index, 23 stocks rose, 16 fell and 11 were unchanged. Turnover was $121 million. The benchmark index has gained 16 percent since the start of the year, and is being pushed higher by investor's appetite for y...

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