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MARKET CLOSE: NZ shares drop 1.4% on foreign selling, A2 Milk and Meridian lead losses

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12.01.2018

New Zealand shares fell over 1 percent as foreign investors sold back their stakes, with A2 Milk Co and Meridian Energy hit hardest.

The S&P/NZX50 Index dropped 114.46 points, or 1.4 percent, to 8,250.44. Within the index, 36 stocks fell, 10 were unchanged and just four rose. Turnover was $131.7 million.

"The market has certainly had a change of direction. Stocks held largely by foreign investors have come under pressure and there are not a lot of buyers in the marketplace at the moment, so when you have a number of investors wanting to get out it certainly puts pressure on pricing," said Grant Williamson, investment advisor at Hamilton........

© The National Business Review