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Energy stocks decline across the board

Energy stocks all declined in New Zealand’s moody market today as investors wait to see what companies reveal to shareholders in the looming earnings season.

Tuesday, July 26th 2022, 5:53PM

by BusinessDesk

The S&P/NZX 50 Index fell 32.1 points, or 0.29%, to 11,166.56. Turnover was almost $109 million.

Meridian Energy was down 1.6% to $4.74 earlier this afternoon after announcing it engaged ASX-listed SRG Global to maintain its seven hydro stations and five windfarms for the next seven years.

The Australian engineering firm announced the deal with Meridian alongside a separate five-year contract with Western Australia's Northern Star Resources, saying they were worth a combined A$90 million.

Across other energy stocks, Contact Energy also fell 1.2% to $7.26, Manawa Energy was down 0.16% to $6.15 and Genesis Energy slipped 1.9% to $2.80.

Devon Funds head of retail Greg Smith said the mood of the market was in a “vacuum” and investors were holding back to see what companies said in their annual meetings.

Green Cross Health’s annual meeting kicked off the week yesterday. Director John Bolland had to shake off a challenge to his re-election but shareholders were pleased overall with the company's results.

The company’s shares were up 1.4% to $1.42 today.

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AGMs ahead

Rest home operator Ryman Healthcare, fleet company Eroad, logistics group Mainfreight and cancer diagnostics company Pacific Edge are also preparing for their annual meetings this week.

Ryman Healthcare shares were up 0.9% to $8.98 and Mainfreight rose 0.6% to $71.15. 

Eroad had the biggest day's gain yesterday but today its shares were flat at $2.10 per share.

Smith said Ryman Healthcare and Mainfreight would be preparing to answer shareholders' questions around covid-19 and future issues on the horizon, while Eroad was likely to be quizzed about the issues with its internal management.

In international waters, big tech companies like Microsoft and Google’s Alphabet Group have their earnings out tomorrow, with Apple releasing its results on Thursday.

Smith said Snapchat’s disappointing earnings last week didn’t rock the technology stock boat in NZ’s market, but how Microsoft, Google and Apple’s earnings turned out would have a “much bigger” effect.

Scott Technology was up 1.5% to $2.80, Pacific Edge was down 1.2% to 81 cents and Blis Technologies was up 3% to 34 cents.

NZ Automotive Investments had a large rise, up 13% to 52 cents, while software company Enprise Group had a large fall, down 10.2% to $1.15.

Fonterra announced this morning that it had appointed Emma Parsons as its managing director, strategy and optimisation. Parsons will start her new role on Aug 1 as part of Fonterra’s planned new capital structure.

Fonterra Shareholders’ Fund was down 0.7% to $3.08 by early evening.

Medicinal cannabis company Rua Bioscience was up 3.3% to 31.5 cents after saying it had reached a five-year deal with Motagon, a European medicinal cannabis distributor, to become its preferred Australasian supplier of medicinal cannabis products.

Waikato-based medicinal cannabis firm Cannasouth was also up 2.5% to 41 cents.

The NZ dollar was trading at 62.72 US cents at 3pm in Wellington, up from 62.31 cents on Monday. The trade-weighted index was at 71.26, from 71 yesterday.

Tags: Market Close

« New Zealand shares fall as recession fears riseNZ Carbon units leap on ETS advice »

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