The New Zealand sharemarket was off the pace on Monday after Auckland’s move to Covid-19 Alert Level 3, with more weakness in energy stocks. The benchmark NZX50 Index was down 79.08 points, or 0.6 per cent, at 12,510.56, finding no respite after a 1.3 per cent slide on Friday. LAWRENCE SMITH/Stuff The New Zealand sharemarket was off the pace on Monday. There was some concern that investors would sell down other energy stocks to invest in Contact, and that the additional capacity in the electricity market might put pressure on spot prices, Davies said. Fellow blue chip power stock Meridian Energy was down 2.4 per cent at $5.67, while Mercury Energy was down 5.4 per cent at $6.43.

Source: Stuff February 15, 2021 04:18 UTC