Utility stocks, often considered defensive stocks that are insulated against global impacts, were also negatively affected today. Contact Energy fell 2.4 per cent to $7.26 on a volume of 1 million shares, Genesis Energy fell 1.9 per cent to $3.09 on a volume of 367,000 shares, Meridian Energy fell 0.5 per cent to $5.32 on a volume of 1.2 million shares.
Mike Fuge will leave Refining NZ in March next year, barely a year after taking the job, to take become the chief executive of Contact Energy.
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