Shares flat as smelter deal emerges

The S&P/NZX 50 Index fell 4.4 points, or 0.03 percent, to 13,115.87. Within the index, 22 stocks rose, 21 fell and seven were unchanged. Turnover was $138.2 million.

Mining multinational Rio Tinto said today it had struck a deal with Meridian to keep the Southland aluminium smelter in business for another four years.

The smelter had been scheduled to close in August this year, which would have caused major disruption for South Island power producers - Meridian and Contact in particular.

However, both stocks showed minimal reaction to the news as they have already been bid up to record highs by global clean energy index funds.