MARKET CLOSE: NZX 50 falls from a record as investors shed yield stocks after RBNZ comments

Thu, 29 Jan 2015

By Tina Morrison Jan. 29 (BusinessDesk) - New Zealand shares fell from a record after the Reserve Bank dropped its tightening bias, pushing the kiwi to its lowest level in almost four years. That prompted overseas investors to reduce holdings of high dividend yielding stocks such as MightyRiverPower and Spark New Zealand as they pull back expectations for future returns. The NZX 50 Index fell 35.010 points, or 0.6 percent, to 5,759.813. Within the index, 26 stocks rose, 16 fell and eight were unchanged. Turnover was $149.4 million. "Th...

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