MARKET CLOSE: NZ shares fall as smelter closure routs energy stocks

Thu, 09 Jul 2020

New Zealand shares slumped, led by a sharp drop across the energy sector after Rio Tinto said it will close the Tiwai Point aluminium smelter next year, having given notice to its supplier Meridian Energy. The S&P/NZX 50 Index declined 266.39 points, or 2.3 percent, to 11,440.88. Within the index, 34 stocks fell, 13 rose, and three were unchanged. Turnover was $226.5 million. The benchmark took a dive as New Zealand Aluminium Smelters - a joint venture between Rio Tinto and Sumitomo Chemical Company - gave Meridian notice to terminate the...

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