MARKET CLOSE: NZX 50 drops to 4-month low; Trade Me, Fletcher fall, Abano jumps

Fri, 04 Nov 2016

By Jonathan Underhill Nov. 4 (BusinessDesk) - New Zealand shares fell, extending the S&P/NZX 50 Index's correction from a record high on Sept. 7 as investors fretted that valuations weren't supported by earnings growth. Trade Me, Fletcher Building and Metro Performance Glass led the decline, while Abano Healthcare jumped after a takeover approach from a group of dissident shareholders. The S&P/NZX 50 Index fell 70.47 points, or 1 percent, to 6,708.47. Within the index, 36 stocks declined, 10 rose and five were unchanged. Turnover was $105...

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