Tiwai Point power deal buoys NZ sharemarket, up 2.68%

A secure future for the Tiwai Point aluminium smelter brought a glow to the sharemarket. (Image: Gregor Richardson)

Fri, 31 May 2024

A new long-term deal supplying power to the Tiwai Point aluminium smelter boosted the leading energy stocks and drove the New Zealand sharemarket to one of its biggest single-day rises in years.The S&P/NZX 50 Index climbed steadily all day and closed at 11,867.29, surging 310.08 points or 2.68% and ending a run of five successive falls. The index had increases of 1.98% on Nov 11, 2022, and 2.05% on Dec 8, 2021.The index was up 0.75% for the week and 0.85% for the year.There were 89 gainers and 46 decliners on the main board, with 130.49 mil...

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