MARKET OPEN: Smelter impact may linger over local market; dour Wall St won't help

Fri, 10 Jul 2020

New Zealand investors may continue to bail out of electricity generator-retailers after news the Tiwai Point smelter will be closed in just over a year, and a mixed night on Wall Street won’t help sentiment. The energy sector came under pressure yesterday after New Zealand Aluminium Smelters - a joint venture between Rio Tinto and Sumitomo Chemical Company - gave Meridian notice to terminate the smelter’s power contract when it expires at the end of August next year. The S&P/NZX 50 Index ended down 2.3 percent, led by a 14 percent decline...

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