NZX50 slips as Fonterra result shines in the gloom

There were 47 gains and 74 falls, with turnover very light at about $70m. (Image: Getty)

Thu, 21 Sep 2023

A stronger-than-expected annual result from Fonterra enlivened an otherwise flat day’s trading on the sharemarket.The S&P/NZX50 Index slipped 13.64 points, or down 0.12%, at 11,318.74.There were 47 gains and 74 falls, with turnover very light at about $70 million.Fonterra said its annual net profit shot up by 170% to a record $1.6 billion, driven by strong margins in its cheese and protein businesses.Excluding a net gain from divestments of $248m, the co-op’s normalised profit after tax was $1.329b, up $738m compared with the sa...

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