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NZ shares fall on global sell-off

NZ NewswireNZ Newswire 22/04/2016 Sophie Boot

Air New Zealand, at Auckland International Airport in Auckland, New Zealand, on Friday, July 11, 2014 © Brendon O'Hagan/Bloomberg Air New Zealand, at Auckland International Airport in Auckland, New Zealand, on Friday, July 11, 2014 New Zealand shares fell from a record high as mixed results from the US reporting season weighed on global equity markets.

Air New Zealand, Auckland International Airport and Tower declined.

The S&P/NZX 50 Index dropped 40 points, or 0.6 per cent, to 6,866.1. Within the index, 21 stocks fell, 20 rose and eight were unchanged. Turnover was $241.8 million.

Stock indexes across Asia fell, taking their lead from Wall Street overnight, where stocks fell for the first time in four trading sessions after disappointing results from Alphabet and Microsoft.

"It's been a reasonably weak day, markets across Asia followed global markets lower and we have been one of them," said Michael Milne, investment adviser at Craigs Investment Partners.

"When company news is thin on the ground we can tend to follow the rest of Asia. There might just be a bit of profit taking today too."

The NZX 50 has risen 2.3 per cent this month and hit a record high of 6,906.1 on Thursday.

It's been seen as attractive by domestic and international investors looking for yield, with a number of companies paying relatively appealing dividends.

Air New Zealand led the index lower, down 3.8 per cent to $2.78 while Auckland Airport fell 2.1 per cent to $6.405 and Tower fell 1.7 per cent to $1.77.

Units in the Fonterra Shareholders' Fund, which give holders access to Fonterra Cooperative Group's dividend stream, rose 2.1 per cent to $5.95.

Dairy product prices increased for a second straight auction on Wednesday, posting the third gain in the eight GlobalDairyTrade auctions held so far in 2016, with the uplift on whole milk powder greater than the market expected.

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