NZX50 gains 4.9% in November as M&A boosts retirement sector
The benchmark index rose 109.29 points, or 1 percent, to 11,316.58 today, led higher by power companies on news of a meeting between Energy Minister Megan Woods and Rio Tinto executives where ways to cut the Tiwai Point smelter’s energy bill was discussed.
Within the index, 24 stocks gained, 17 fell, and nine were unchanged. Turnover was $199.6 million.
Meridian Energy led the market higher, up 4.1 percent at $4.71. The country’s biggest electricity generator was the most traded stock on a volume of 3.3 million shares, more than its 90-day average of 1.9 million.
The New Zealand Herald reported that Woods has directed officials to give her advice on material from Rio Tinto on how to reduce its energy costs.
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