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...

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