MARKET CLOSE: NZX50 falls 1.3% in October; investors ponder smelter future, index reweighting

Thu, 31 Oct 2019

The S&P/NZX 50 Index fell 1.3 percent in October as the threat of Tiwai Point smelter closing weighed on electricity companies and as investors prepared for the upcoming reweighting of the MSCI index. The benchmark index was down 1.72 points, or 0.02 percent, at 10,787.82 today, with 22 stocks falling, 21 rising and seven unchanged. Turnover was higher than usual at $217.3 million. The local market has been one of the strongest performers across Asia-Pacific this year, with a low interest rate environment stoking demand among investors...

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