MARKET CLOSE: Power rally pauses ahead of election

MARKET CLOSE: Power rally pauses ahead of election
Paul McBeth
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...

More Markets

NZ stocks end firmly as outlook brightens
Markets Market Close

NZ stocks end firmly as outlook brightens

Improved, post-results season sentiment drove NZ stocks higher.

The Warehouse Albany and Silverdale could be first in line for store revamp
Retail

The Warehouse Albany and Silverdale could be first in line for store revamp

The Warehouse’s Albany and Silverdale stores could be first in line to undergo an interior revamp, according to chief executive Mark Stirton, who gave an update to shareholders at the company’s annual meeting on Friday.The meeting covered everything from the company’s 2025 financ...

Westpac cops $3.64m penalty for lender responsibility breaches
Finance

Westpac cops $3.64m penalty for lender responsibility breaches

Credit Contracts and Consumer Finance Act in focus again.

New Talisman in trading halt
Markets

New Talisman in trading halt

New Talisman Gold Mines has been placed in a trading halt because of its financial position.The mining company requested the halt, saying the board must meet “to consider the company’s current financial position and its strategic path forward”.“The board cannot reach a conclusion...