MARKET CLOSE: Markets unrattled by election, electricity sector falls

Mon, 19 Oct 2020

New Zealand markets were steady with investors relaxed after the Labour Party secured a historic majority in Saturday’s general election. The electricity sector led a modest decline in the share market.The S&P/NZX 50 Index eased 47.9 points, or 0.4 percent, to 12,385.25. Turnover was $137.3 million.Share prices and the kiwi dollar were little changed after Labour won an unprecedented 49 percent of the vote, or 64 of the 120 seats in parliament.Market reaction was muted as the result was broadly in line with public opinion polls. ...

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