MARKET CLOSE: NZ stocks drop as investors dump power companies on smelter scare

Wed, 23 Oct 2019

New Zealand shares dropped as Contact Energy, Meridian Energy and the other power companies were sold off sharply on the prospect of the Tiwai Point smelter facing potential closure. The S&P/NZX 50 Index fell 236.60 points, or 2.1 percent, to 10,853.79. Within the index, 30 stocks declined, 10 rose, and 10 were unchanged. Turnover was $228.9 million, of which Meridian alone accounted for $57.4 million. The electricity generator-retailers all fell after Rio Tinto, which controls New Zealand Aluminium Smelters, said it was reviewing the s...

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