Shares tumble as investors return to work
The S&P/NZX 50 Index fell 268.1 points, or 2 percent, to 13,290.09. Within the index, 34 stocks fell, 12 rose and four were unchanged. Turnover was $136.6 million.
The vast majority of stocks fell as investors who returned from holidays found the market sitting at a record high and decided to cash in some profits.
Renewable electricity generators took the biggest falls, as strong demand from global clean energy funds had inflated their price during the holiday season.
Meridian Energy led the market lower, falling 7.9 percent to $8.42, while Contact Energy dropped 6.6 percent to $10.04. Both are included in BlackRock’s iShares Clean Energy ETF.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)
