NZX50 stumbles over smelter scare
The S&P/NZX 50 Index decreased 42.88 points, or 0.4 percent, to 10,788.64, and was down from 11,067.12 last week. Within the index, 26 stocks fell, 13 rose, and 11 were unchanged. Turnover was $110.8 million.
The electricity generator-retailers have been in focus this week due to Rio Tinto warning that the future of the Tiwai Point smelter is under review.
Supplier Meridian Energy was down 2.8 percent at $4.81 on a volume of 2.4 million shares, compared to its 90-day average of 1.5 million. Contact Energy declined 0.3 percent to $7.67, with 1.3 million shares traded. Genesis Energy posted the day's biggest gain, up 3.6 percent at $3.20 on a volume of 840,000 shares, compared to its 562,000 average, and Trustpower decreased 0.1 percent to $8.19.
"We've had real information, particularly with electricity prices, and while that certainly had an impact on the generators and the retailers, it also speaks to the broader outlook for New Zealand," said Michael McCarthy, chief market strategist at CMC Markets.
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