MARKET CLOSE: NZ stocks drop, A2 Milk falls ahead of legal challenge, Fletcher Building gains

Wed, 27 Jul 2016

By Sophie Boot July 27 (BusinessDesk) - New Zealand shares dipped for a second day in a row, led lower by A2 Milk Co and Steel & Tube Holdings while Fletcher Building rose on construction expectations. The S&P/NZX 50 Index dropped 8.48 points, or 0.1 percent, to 7,301.91. Within the index, 25 stocks fell, 14 rose and 12 were unchanged. Turnover was $120 million. A2 Milk Co was the worst performer on the index, down 3.1 percent to $1.90. It faces a legal challenge in Australia from rival Lion Group over the science behind health-related...

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