Nearly $1b changes hands on NZX as indices rebalance

The impressive volumes took place in the extended matching session as fund managers rebalanced their portfolios. The S&P/NZX 50 Index closed at 11,813.01, down 65.7 points or 0.55% after reaching an intraday high of 11,909.1.

There were 61 gainers and 72 decliners over the whole market with trading covering 220.21 million shares worth $948.68m.

Chorus was down 15c or 1.8% to $8.185, with 19.5m shares worth $159.91m changing hands; SkyCity Entertainment declined 11c or 4.76% to $2.20 on trade worth $69.62m; and Precinct Properties decreased 1.5c to $1.205 on trade worth $66.72m. All are being removed from the MSCI Small Cap index.

Ebos Group’s weighting in the Large Cap index went down slightly, and its share price increased 53c to $42.08 on trade worth $114.54m.