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NZ shares drop

 New Zealand shares dropped as many large stocks shed their dividend rights, with Synlait Milk, Heartland Bank and A2 Milk Co leading the index lower.

The S&P/NZX50 Index fell 126.4 points, or 1.4 percent, to 9,101.6. Within the index, 38 stocks fell, nine rose and three were unchanged. Turnover was $131.4 million. 

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