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Wall Street slid as US companies including Best Buy and Citigroup reported results that fell short of expectations, fuelling concern some valuations are not justified by the outlook. In afternoon trading in New York today, the Dow Jones Industrial Average dropped 0.43 percent, the Standard & Poor’s 500 Index fell 0.24 percent, while the Nasdaq Composite Index edged 0.04 percent …

New Zealand shares rose to a two-month high, paced by Chorus, Kathmandu and Sky Network Television as the prospects of strong economic growth drew retail investors to the equity market. Hallenstein Glasson Holdings tumbled after posting weak December sales. The NZX 50 Index advanced 8.256 points, or about 0.2 percent, to 4921.290, the highest since Nov. 15. Within the index, …

Xero, whose shares soared 333 percent in 2013, has put down a rising share price to positive press, a growing brand in the US and high volatility from being closely held after getting a ‘please explain’ notice from the stock market regulator. The share market supervisor questioned a 42 percent gain in the Xero share price from Dec. 5 to …

New Zealand Oil & Gas, which has interests in the Tui and Kupe fields, said the recent slide in its share price may reflect its report this week that no significant gas or oil shows were found at its Matuku well near Taranaki. The stock fell further after a trading halt was lifted. The Wellington-based company’s share price fell 3.6 …

Air New Zealand, the country’s national carrier, is targeting a return to Singapore with a planned codesharing alliance with Singapore Airlines. The Auckland-based airline and Asian carrier plan to boost their capacity between New Zealand and Singapore by 30 percent with the tie-up, which will introduce an Auckland-Singapore route for the first time, Air NZ said in a statement. New …

A Labour-led government will make good on its promise to regulate the electricity industry and stamp out ‘super-profits’, a threat that has weighed on power company stocks, deputy leader David Parker says. Labour and the Greens unveiled plans to overhaul New Zealand’s electricity market on the eve of the government’s MightyRiverPower selldown last year. The operator of nine hydro stations …

New Zealand shares rose, joining a global rally, as demand for so-called growth stocks drove Xero and Wynyard Group to record levels, Warehouse Group led gains in most retailers and Chorus reached a month-high. The NZX 50 Index advanced 47.875 points, or about 1 percent, to 4913.034, the highest since Nov. 18. Within the index, 30 stocks rose, 11 fell …

Shares in Hallenstein Glasson dropped after the clothing retailer warned first-half profit will decline 39 percent after a poor Christmas sales period. The stock fell 15 percent to $3.62 after the Auckland-based retailer said December sales were 10 percent below the same month a year earlier, and cut its first-half profit expectations to between $6 million and $6.3 million from …

The New Zealand dollar touched an eight-year against its trans-Tasman counterpart ahead of Australia employment figures, which will give investors another update on how that economy is tracking. The kiwi rose as high as 93.96 Australian cents, the highest since December 2005, and traded at 93.51 cents at 8am in Wellington from 93.40 cents yesterday. The local currency was little …

Stocks on both sides of the Atlantic rose as the World Bank upgraded its forecast for global growth and as US corporate earnings such as from Bank of America were better than anticipated. The World Bank lifted its forecast for global growth, saying it expects the economy to expand 3.2 percent this year, up from 2.4 percent in 2013, and …