MARKET CLOSE NZ shares join global stocks lower led by Pacific Edge, Xero

Fri, 11 Apr 2014

By Suze Metherell April 11 (BusinessDesk) – New Zealand stocks joined a global sell-off amid concerns high-growth companies may struggle to convert sales into profits, led lower by biotech firm Pacific Edge and software developer Xero. The NZX 50 Index fell 24.058 points, or 0.5 percent, to 5091.431. Within the index, 28 stocks fell, 11 rose and 11 were unchanged. Turnover was $101.8 million. Stocks across Asia followed Wall Street lower, with Japan’s Nikkei 225 index down 2.5 percent in afternoon trading, Australia’s S&P/ASX 200 falling...

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