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NZ Refining shares lift 10% as investors eye import only model

Ian Llewellyn
Tue, 06 Jul 2021

Marsden Point is finding it difficult to compete with international oil refineries (Image: Getty)
Ian Llewellyn
Tue, 06 Jul 2021
New Zealand Refining Company shares rose more than 10% in early afternoon trading today as investors absorbed the latest update of its plans to become solely an importer of refined fuel.On Monday, the company released a swag of reports about ending the operation of NZ’s only oil refinery at Marsden Point with independent directors urging shareholders to back the move.Analysis by Forsyth Barr released today also supported the change and lifted the share price target to $1.10.This afternoon, the stock price rose 10.1% to 76 cents.Two years...

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