MARKET CLOSE: NZ stocks fall led by Telecom; Fonterra Fund gains

Tue, 29 Jul 2014

By Suze Metherell July 29 (BusinessDesk) - New Zealand shares fell led by Telecom Corp after an analyst's report cut the stock's target price ahead of its name change next week. Units in the Fonterra Shareholders' Fund rose after Fonterra Cooperative Group slashed its forecast milk payout and boosted dividends. The NZX 50 Index fell 21.586 points, or 0.4 percent to 5165.556. Within the benchmark, 21 stocks fell, 20 rose and nine were unchanged. Turnover was $158.5 million. Telecom dropped 3.1 percent to $2.85,extending a fall from a si...

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