MARKET CLOSE: NZ shares dip as investors eye $100m Investore offer

MARKET CLOSE: NZ shares dip as investors eye $100m Investore offer
Dan Brunskill
New Zealand shares fell as investors cashed in on yesterday's strong rally and sold down property stocks to take advantage of Investore Property's discounted $100 million capital raising. The S&P/NZX 50 Index declined 93.37 points, or 0.9 percent, to 10,666.19. Within the index, 23 stocks fell, 20 rose, and seven were unchanged. Turnover was $178.8 million.  Shane Solly, a portfolio manager at Harbour Assets, said investors were redirecting profit from stronger performing stocks into those lagging behind. “We have a very strong recover...

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