Z Energy weighs on NZ sharemarket

Z Energy shares have slumped 12 per cent after Infratil and NZ Super Fund offloaded about 30 per cent of the company in placements.

THE New Zealand sharemarket has closed slightly lower, weighed by a sharp drop and heavy trading in Z Energy as the market digested nearly a third of the stock changing hands.

THE S&P/NZX 50 Index dropped 7.94 points, or 0.1 per cent, to 5585.420 on Thursday.