MARKET CLOSE: NZX 50 rises to new record, Meridian, MRP extend gains

Wed, 29 Oct 2014

By Suze Metherell Oct. 29 (BusinessDesk) - New Zealand shares rose to a record for a fifth day, paced by Meridian Energy and MightyRiverPower as investors hunted for yield and repositioned portfolios ahead of an international index change. Guinness Peat Group recovered from yesterday's sell-off on news protracted UK pension scheme problems. The NZX 50 Index rose 17.544 points, or 0.3 percent, to 5355.875. Within the index, 24 stocks rose, 14 fell and 12,were unchanged. Turnover was $125 million. Meridian advanced 2.5 percent to $1.67....

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