NZ shares fall as yield stocks face selling
The S&P/NZX 50 Index decreased 22.27 points, or 0.2 percent, to 10,831.52. Within the index, 22 stocks fell, 17 rose, and 11 were unchanged. Turnover was $143.9 million of which the big four electricity suppliers accounted for $65.8 million.
Chorus led the market lower, down 2.4 percent at $5.32 on a volume of 248,000 shares, less than half its 90-day average of 537,000. Trustpower was down 1.7 percent at $8.20, Kiwi Property Group fell 1.2 percent to $1.65 on a volume of 1.1 million shares, and Precinct Properties New Zealand decreased 1.1 percent to $1.86.
The electricity generator-retailers traded on large volumes but were relatively flat following a sharp selloff yesterday when New Zealand Aluminium Smelters said the future of its Tiwai Point site - the country's biggest electricity user - was under review. Contact Energy was unchanged at $7.69 on a volume of 3 million shares, having shed 9.7 percent yesterday. Meridian Energy was also unchanged at $4.95 with 4.7 million shares changing hands - it sank 8.7 percent yesterday.
Mercury NZ increased 0.5 percent to $5.02 on a volume of 3.2 million shares and Genesis Energy rose 1 percent to $3.09 on a volume of 1.2 million.
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