Energy companies up as carbon prices drop

Energy companies were up across the board in New Zealand’s market today, coinciding with carbon prices dropping at the last auction for the year.

In New Zealand’s share market, the S&P/NZX 50 index fell 20.6 points, or 0.18%, to 11,610.99. Turnover was $130.3 million.

Harbour Asset Management's portfolio manager, Shane Solly, said NZ’s market was running on low volumes today with the more defensive market earners like energy stocks edging up.

The last carbon auction for the year cleared at $79 – just below the secondary market price earlier this week but Solly didn’t think the energy stocks rise was due to the auction as carbon credits were “part of the process for gentailers”.