Power price squeeze saps energy companies as Manawa tumbles

Manawa Energy led the market lower, sinking 7.9% to $3.94. (Image: Getty)

Thu, 08 Aug 2024

Electricity generator-retailers pushed the local stock market down today as a spike in energy prices stresses the sector and manufacturers dialling back their operations. The S&P/NZX 50 Index fell 68.89 points, or 0.6%, to 12,257.28. Across the main board, 75 stocks declined, 49 were unchanged and 55 rose. Turnover was $118.3 million, with Fisher & Paykel Healthcare accounting for $15.3m of that. Energy stocksManawa Energy led the market lower, sinking 7.9% to $3.94. The North Island electricity generator cut earnings gui...

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