Gas supply buoys Contact, Genesis as markets await RBNZ

87 stocks gained, 44 fell and 48 were unchanged. (Image: NZME)

Tue, 13 Aug 2024

New Zealand shares were broadly stronger, with Genesis Energy and Contact Energy among the day’s gainers after cutting a deal to secure gas supply in the current energy shortage. The S&P/NZX 50 Index rose 37.81 points, or 0.3%, to 12,319.06. Across the main board, 87 stocks gained, 44 fell, and 48 were unchanged. Turnover was $94.4 million, less than the $137m average value traded in July. Genesis rose 1.4% to $2.26, and Contact advanced 1.7% to $8.52 after the electricity generator retailers secured enough gas to keep...

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