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TMCNet:  New Zealand sharemarket closes lower

[February 07, 2013]

New Zealand sharemarket closes lower

WELLINGTON, Feb 07, 2013 (Xinhua via COMTEX) -- New Zealand shares fell in the busiest session so far this year, paced by Telecom amid concern the earnings season may not reveal results that warrant high stock valuations.

The sharemarket closed 0.4 percent lower on Thursday with the benchmark NZX-50 index falling 16.71 points to 4,195.24 and a turnover of 202.7 million NZ dollars (169.3 million U.S. dollars).

Among the leading stocks, Fletcher Building dropped 7 cents at 8.90 NZ dollars, while Telecom dipped 5 cents at 2.305 NZ dollars.

Fonterra Shareholders' Fund Uni rose 6 cents to 7.28 NZ dollars, SKYCITY Entertainment rose 6 cents to 4.03 NZ dollars.

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