MARKET CLOSE NZ shares join selloff on US budget stalemate, as Meridian sale begins

Mon, 30 Sep 2013

Sept. 30 (BusinessDesk) – New Zealand shares fell, paced by Telecom and MightyRiverPower, ahead of a possible US budget stalemate and as the government scheduled a moratorium on state asset sales for after the selldown of Meridian Energy that went on sale today. The NZX 50 Index fell 46.292 points, or about 1 percent, to 4736.387. Within the index, 37 stocks fell, four rose and nine were unchanged. Turnover of $242 million was swelled by the sale to institutions of Guinness Peat Group’s 33.6 percent stake in Tower. Equity markets fell across...

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