NZ shares fall as Arrium exits Steel and Tube, Asian markets decline

Wed, 10 Oct 2012

By Paul McBeth Oct. 10 (BusinessDesk) - New Zealand shares fell for a second day as investors wound down stakes in other companies to buy a flood of shares in steel products-maker Steel & Tube after its Australian parent exited the firm, and as stocks across Asia fell amid fears of China's slowing economy. The NZX 50 index fell 19.85 points, or 0.5 percent, to 3888.14. Within the index 27 stocks fell, 11 gained, and 12 were unchanged. Turnover was $95.2 million. The local market followed stocks across Asia down as investors' nerves were ra...

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