MARKET CLOSE NZ stocks fall with global tech rout; Pacific Edge, Xero, Diligent drop

Mon, 14 Apr 2014

By Suze Metherell April 14 (BusinessDesk) – New Zealand shares followed Wall Street lower as investors question whether tech and high-growth companies can deliver the earnings growth implied by their valuations. Pacific Edge led the NZX 50 Index lower, while Xero and Diligent Board Member Services paced the decline. The NZX 50 Index fell 27.892 points, or 0.5 percent, to 5063.539. Within the index, 25 stocks fell, 17 rose and eight were unchanged. Turnover was $100.7 million. In New York on Friday the tech-heavy Nasdaq Composite Index close...

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