MARKET CLOSE: NZ shares fall as kiwi dollar weighs on offshore earners

Fri, 05 Jun 2020

New Zealand shares fell as the strengthening kiwi dollar weighed on firms exposed to overseas earnings. Gentrack led the market lower. The S&P/NZX 50 Index declined 51.14 points, or 0.5 percent, to 11,171.80. Within the index, 29 stocks rose, 18 fell, and three were unchanged. Turnover was $238.5 million. The rising kiwi dollar, which climbed to near 65 US cents today, cut short a week-long rally on the benchmark index as firms which earn foreign currencies fell away. Despite today’s fall the NZX 50 rose 2.6 percent across the week. Ge...

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