MARKET CLOSE: Shares flat as utilities soar while A2 plunges

Mon, 28 Sep 2020

New Zealand shares were flat, as a sharp drop following A2 Milk downgrading its financial outlook was cancelled out by a rally in electricity stocks after Tiwai Point smelter negotiations were flagged.The S&P/NZX 50 Index rose 5.21 points, or 0.04 percent, to 11,802.29. Within the index, 28 stocks rose, 15 fell and seven were unchanged. Turnover was $162.2 million.Electricity stocks surged after Prime Minister Jacinda Ardern said she would offer Rio Tinto a discounted transmission price to keep the Tiwai Point aluminium smelter open for ano...

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