NZ shares flat as Tiwai smelter rumours swirl

The S&P/NZX 50 Index increased 6.87 points, or 0.1 percent, to 11,764.59. Within the index, 31 stocks rose, 15 fell, and four were unchanged. Turnover was $151.4 million.

Meridian has been in talks with smelter owner Rio Tinto to try to extend the scheduled closure of the aluminium smelter beyond August next year and allow for a more orderly exit of the country’s biggest electricity consumer. Today, media reported smelter staff had said the fourth potline would be operating in September potentially exciting investors who saw it as a signal the smelter may remain open.

Meridian said that as of today, its view is that the smelter will shut on Aug. 31 next year and a spokesperson for Rio Tinto declined to comment on whether the fourth potline will open.

Still, Contact rose 5.5 percent to $6.29 and Meridian Energy advanced 2.7 percent to $5.