New Zealand’s Tower Limited advised that the issue price of shares to participants in Tower’s dividend reinvestment plan is $NZ1.53 a share. The interim dividend of NZ4¢ a share will be paid on July 4.

Westpac has cut interest rates on its fixed-rate home loans. It is reducing rates for its Home and Investment Property Loan for two to 12-year fixed rates. Two and three-year fixed rate products will see a .20 of a percentage point decrease and four to 12- year loans .10 of a percentage point cut.