NZ reserve bank cut their cash rate 0.25% resulting in a large drop in the NZD against major currencies. It's near 90c now when it was at near parity just weeks ago. Most dual ASX/NZX stocks saw a drop in SP on ASX but were stationary or even increased in SP on NZX! Yesterdays exagerated drop was more a case of currency value correction. It's a strange dynamic of these dual listed stocks. I don't think much has changed fundamentally with TME, even though they just slipped out of the NZX10 to make why for MEL.
TME Price at posting:
$3.26 Sentiment: Hold Disclosure: Held
