MARKET CLOSE: NZ shares tumble on interest rate concerns; Tower, Fletcher fall

Mon, 12 Sep 2016

By Sophie Boot Sept. 12 (BusinessDesk) - New Zealand shares plunged in the biggest sell-off since before Brexit, joining a global rout on concerns interest rates are set to rise and high-yielding companies will be hardest hit. Tower, Fletcher Building and Air New Zealand led the decline. The S&P/NZX 50 Index dropped 188.84 points, or 2.5 percent, to 7,279.76. Within the index, 48 stocks fell, one rose and one was unchanged. Turnover was $131 million. The local index's fall followed a Wall Street selloff on Friday after US Federal Reser...

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