REPEAT MARKET CLOSE NZ shares fall as yield story runs out of puff; Telecom drops

Mon, 29 Oct 2012

Oct. 29 (BusinessDesk) – New Zealand shares fell, led by Telecom, as investors looked for reasons to drive the market higher after offshore demand for dividend yields drove the NZX 50 Index to a five-year high this month. The NZX 50 fell 32.48 points, or 0.8 percent, to 3951.29. Within the index, 29 stocks fell, 15 rose and six were unchanged. Turnover was a lower-than-average $66 million. Telecom sank 3.5 percent to $2.38. At today’s price it has a dividend yield of 12.1 percent, almost triple the 4.32 percent on an average 1-year term depo...

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