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Sharemarket falls as local investors pull Meridian Energy back to earth

The sharemarket fell as investors sold down heavyweight utility stock Meridian Energy, after overseas investors seeking clean energy investments pushed up its price over the summer break. The benchmark S&P/NZX 50 Index slipped 68.903 points, or 0.5 per cent, to 12,761.13 on Thursday. Meridian fell 4.4 per cent to $6.245, coming down to earth after a hitting a record high of $9.94 last month.

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