NZ stocks smacked by smelter review, SkyCity fire

NZ stocks smacked by smelter review, SkyCity fire
Paul McBeth
New Zealand shares dropped as the threat of Rio Tinto pulling the pin on the Tiwai Point smelter saw Meridian Energy and its electricity sector peers sold off sharply. The S&P/NZX 50 Index dropped 169.1 points, or 1.5 percent, to 10,922.11 at 1.30pm, with 27 of the top 50 stocks in the red. The electricity generator-retailers were the hardest hit after global mining giant Rio Tinto said it was reviewing the smelter's future. Meridian dropped 7.8 percent to $4.995 with 5.9 million shares traded at 1.30pm, more than four times its d...

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