MARKET CLOSE: Power rally pauses ahead of election

Fri, 16 Oct 2020

Contact Energy and Meridian Energy shares today ended their long rally. The power companies led the local stock market lower in heavy trading as investors cashed in recent gains ahead of tomorrow’s election.The companies – with their significant South Island generation - have been on a tear since Sept. 28 when the incumbent Labour Party and likely victor in tomorrow’s election said it will offer NZ Aluminium Smelters a lower transmission price in a deal to keep the operation running for another three-to-five years.Contact...

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