MARKET CLOSE: NZ shares fall as prospect of smaller US rate cut knocks yield stocks

MARKET CLOSE: NZ shares fall as prospect of smaller US rate cut knocks yield stocks
Paul McBeth
By Paul McBeth July 9 (BusinessDesk) - New Zealand shares fell, joining a decline across Asia, as expectations of a smaller interest rate cut by the US Federal Reserve reduced the attraction of stocks held for a reliable income. The S&P/NZX 50 Index dropped 67.87 points, or 0.6 percent, to 10,538.11. Within the index, 31 stocks fell, 10 rose and nine were unchanged. Turnover was $103.5 million. Stocks across Asia were weaker, with Australia's S&P/ASX Index down 0.2 percent in afternoon trading. Hong Kong's Hang Seng fell 0.7 percent an...

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