NZ shares fall as Mercury left high and dry

(Image: Getty)

Tue, 20 Aug 2024

New Zealand shares fell for a second day in a broad selloff, with power companies among the hardest hit after Mercury NZ warned earnings would come under the pump in the current financial year. After the trading ended, Synlait Milk unveiled plans to recapitalise the business.The S&P/NZX50 Index fell for a second day, declining 104.03 points, or 0.8%, to 12,558.08. Across the main board, 80 stocks were lower, 57 rose, and 42 were unchanged. Turnover was $120.2 million. Energy stocksMercury dropped 2.9% to $6.60 on a volume of 1m shares...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Infrastructure

Eaqub: Pipeline hits $275b but certainty stops at next election

Economist highlights drop-off in planned infra spending after 2026.

Dileepa Fonseka 5:00am

Retail

ForBarr sticks to underperform on The Warehouse Group

Analysts say they need to see tangible improvement.

Rebecca Howard 5:00am

ForBarr sticks to underperform on The Warehouse Group

Opinion

Peter Griffin: AI is reshaping work – but not the way you think

AI isn’t the job killer many predicted it would become.

Peter Griffin 5:00am

AI is reshaping work – but not the way you think

Sponsored

Cybersecurity skills gap leaving Kiwi businesses at risk - report

A cybersecurity skills shortage is creating additional cyber risks, according to a new global report.

Fortinet

Sponsored

Spark’s partner strategy sets the bar for innovation

Spark

More Markets

Retail

ForBarr sticks to underperform on The Warehouse Group

Analysts say they need to see tangible improvement.

Rebecca Howard 5:00am

Markets Market Close

NZ sharemarket falls over 1%

The S&P/NZX 50 Index closed at 156.22 points, or down 1.16%.

Graham Skellern 18 Nov 2025

Markets

1,200 Air NZ flight attendants vote to take strike action

About 1,200 Air New Zealand cabin crew have voted to take strike action, the union says.The union said those who voted for strike action worked across international, domestic and regional routes and had been trying for months to get better pay and rosters.Michael Wood, director o...

Staff reporters 18 Nov 2025

Markets

Sanford profit surges 224% as debt falls and aquaculture lifts earnings

Staff reporters 18 Nov 2025

NZ shares fall as Mercury left high and dry

More Markets

Your company has a subscription

Team