MARKET CLOSE: NZ stocks drop, Kathmandu and Fisher & Paykel fall while Fonterra continues gains

Tue, 02 Aug 2016

By Sophie Boot Aug. 2 (BusinessDesk) - New Zealand shares fell, led lower by Kathmandu Holdings and Fisher & Paykel Healthcare, while Fonterra Shareholders Fund continued yesterday's gains. The S&P/NZX50 Index dropped 27.44 points, or 0.4 percent, to 7,329.19. Within the index, 24 stocks rose, 21 fell and six were unchanged. Turnover was $155.6 million. The Reserve Bank of Australia cut its cash rate to 1.5 percent, a fall of 25 basis points. Speaking ahead of the announcement at 4:30, Peter McIntyre, investment adviser at Craigs Inve...

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