MARKET CLOSE: NZ stocks drop on global uncertainty; Telecom, Sky TV fall

Wed, 18 Jun 2014

By Suze Metherill Jun. 18 (BusinessDesk) - New Zealand stocks fell, led by Telecom Corp after Sky Network Television announced plans to challenge the phone company in the pay-per-view television market. Rising tensions in Iraq and the outcome of the US Federal Reserves two day policy meeting eroded risk sentiment. The NZX 50 Index fell 9.038 points, or 0.2 percent, to 5184.462. Within the index, 20 stocks fell, 21 rose and nine were unchanged. Turnover was $133 million. Telecom fell 1.6 percent to $2.705 after Sky Network Television s...

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