NZ shares finish week 1% lower

The S&P/NZX 50 Index fell 39.23 points, or 0.3%, to 12,348.83. Within the index, 24 stocks rose, 17 rose and nine were unchanged. Turnover was $198 million.

Electricity company Mercury NZ has had dramatic price swings this week, trading as high as $6.64 yesterday before falling to $6.20 today.

Across the week the utility gained 3.2% as investors continue to digest its purchase of Tilt Renewables NZ assets.

Another electricity firm, Meridian Energy, lost 5.5% this week after dropping another 1% to $5.105 today. The stock briefly traded above $9 only months ago.