NZ shares edge lower; power companies under pressure
The S&P/NZX 50 Index decreased 4.55 points, or 0.04 percent, to 10,894.70. Within the index, 21 stocks fell, 23 rose, and six were unchanged. Turnover was $131.4 million.
Blue-chip stocks and companies held for the reliable dividends were among those to decline, despite a recent slide in bond yields that would typically make equity markets more attractive.
Power companies were among the day's decliners as investors continued to ponder whether Rio Tinto will pull the pin on the smelter, and what the latest operating updates meant. Mercury NZ fell 2.3 percent to $4.91 with 862,000 shares changing hands, less than its 90-day average of 1.1 million, having recently been added to the MSCI Index. Genesis Energy was down 1.9 percent at $3.17.
Meridian Energy, the country's biggest listed company, declined 1.5 percent to $4.53 with 2.1 million shares changing hands, and Contact Energy decreased 0.4 percent to $6.90 on a volume of 1.3 million.
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