NZ shares fall

New Zealand shares have retreated as offshore investors repatriated cash back home on the promise of yield. The NZX 50 Index dropped 29.346 points, or 0.6 per cent, to 5245.237 on Thursday. Within the index, 28 stocks fell, 15 rose and seven were unchanged. Turnover was $110 million. High-yielding stocks fell. Meridian Energy, which advanced some 18 per cent in the September quarter, dropped 2.4 per cent to $1.405, while Genesis Energy and Mighty River Power fell 1.8 per cent to $1.925 and 0.2 per cent to $2.515 respectively. Spark New Zealand formerly Telecom Corp and popular with offshore investors for its yield and liquidity, declined 1.8 per cent to $2.975. Overnight, dairy product prices in Fonterra's GlobalDairyTrade auction fell to a five-year low, according to msn.co.nz