Impact of Friday's flooding felt on share market

The S&P/NZX 50 Index drifted in the afternoon and closed at 12,034.17, down 1.87 points or 0.02% after reaching an intraday high of 12,065.34.

There were 69 gainers and 65 decliners over the whole market on light trading of 16.27 million shares worth $68.98m with many investors in the upper North Island taking some welcome relief on the Auckland Anniversary public holiday.

Tower tumbled as much as 8% to 65c during the day but recovered to finish 2.5c or 3.52% down at 68.5c.

The insurer told the market it has so far received 1900 claims – 1000 of them involving house insurance and the remainder motor and contents claims.