NZ market flat as last earnings results come in

The S&P/NZX 50 index fell 18.2 points, or 0.2%, to 11,876.35. Turnover was $134.5 million.

Meridian edged up 0.8% to $5.35 today after releasing its half-year result. It showed the benefit of the winter storms which filled its South Island hydro lakes as well as a 5% increase in customer sales volumes which underpinned a 24.8% increase in underlying profit.

“Operating earnings also benefited from $51m of electricity hedge close outs,” chief executive Neal Barclay said.

Devon Funds head of retail Greg Smith said wet weather and better than average hydro inflows had been a tailwind for Meridian and the company more than doubled the size of its renewable development pipeline of buildable options to 11,100 GWh.