Z Energy shares hit 5-yr low; rivals resist higher prices

Fri, 13 Dec 2019

Z Energy shares are trading at a five-year low after the company cut its full-year earnings guidance and warned that the level of competition in the retail fuel market appears to be a structural change.The shares dropped as much as 17.3 percent after the company surprised investors with a downgrade eight days after confirming its guidance in the wake of the Commerce Commission’s final report into competition in the sector.Chief financial officer Lindis Jones said the timing reflected low retail margins in the second half of November - the lowes...

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