MARKET CLOSE: NZ shares rise on Steel & Tube FY earnings; Xero drops

Fri, 15 Aug 2014

By Suze Metherell Aug. 15 (BusinessDesk) - New Zealand shares rose, led by Steel & Tube Holdings after it boosted annual profit 15 percent. Xero plunged to a 10-month low as investors weighed its valuation against its growth, while ERoad debuted at a premium on the NZX. The NZX 50 Index rose 15.67 points, or 0.3 percent, to 5078.081. Within the index, 28 stocks rose, 10 fell and 12 were unchanged. Turnover was $77.4 million. Local earning season is well underway, with nine benchmark index consitutents reporting earnings this week. Inve...

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