MARKET CLOSE: NZX 50 rises to record on yield appetite; Spark, Fletcher gain

Mon, 10 Nov 2014

By Suze Metherell Nov. 10 (BusinessDesk) - New Zealand shares rose to a fresh record, paced by Spark New Zealand, Fletcher Building and Contact Energy, as investors continued to be drawn to equities for higher yields. Xero climbed to a month-high, as risk appetite returned to the market. The NZX 50 Index rose 51.349 points, or 0.9 percent, to 5470.339. Within the index, 23 stocks rose, 18 fell and nine were unchanged. Turnover was $110 million. Lower-than-expected inflation data has seen Reserve Bank governor Graeme Wheeler pause in h...

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