Tower earnings downgrade causes sharemarket stir

(Image: NZME)

Mon, 08 May 2023

The New Zealand sharemarket had a familiar late surge while Tower caused a stir with a significant earnings downgrade because of the impact of the recent flooding and cyclone.After a choppy session, the S&P/NZX 50 Index climbed in the last 45 minutes to 11,942.49, up 53.47 points or 0.45%. The index hit an intraday low of 11,873.09. Volumes were light for the third day running with 21.85 million shares worth $78.97m changing hands. There were 82 gainers and 39 decliners on the main board.Paul Robertshawe, chief investment officer for O...

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