MSCI reweighting drives mammoth volume on NZX
New Zealand’s benchmark index advanced 90.87 points, or 0.8 percent, to 11,044.54. Within the index, 37 stocks rose, 12 fell, and one was unchanged. Turnover was $626.2 million, with 116.4 million shares traded, the most since May 31, 2018.
The volume was driven by the MSCI index reweighting, which added Mercury NZ to the benchmark tracked by international institutional investors. Mercury fell 3.1 percent to $4.68, with 52.6 million shares traded, swamping its 90-day average of 1.2 million.
Fletcher Building kept its slot in the index when some investors had speculated its woes in recent years might have seen it dropped. The country’s biggest construction firm rose 2.5 percent to $5.35, with 6 million shares traded, well up on its 1.8 million average.
Meridian Energy, the country’s biggest listed company, rose 1.7 percent to $4.40 on a volume of 12.6 million shares, compared to its 1.7 million average.
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