Stock selection important in fairly valued NZ market, Morningstar says

Tue, 08 Jul 2014

By Pam Graham July 9 (BusinessDesk) – Bargains are hard to find in the New Zealand share market as it is fairly valued overall and the electricity sector has recovered to be trading close to fair value, according to Morningstar. The research company has ‘hold’ recommendations on 76 percent of the stocks it covers and has no ‘buy’ or ‘sell’ recommendations, though it has seven ‘reduce’ recommendations. Morningstar sees Telecom is its “best idea”, and says the market may be underestimating the value of the company’s turnaround strategy....

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