\u201cThere is good, cheap generation and lower long-term wholesale electricity prices. It will take a while for lower retail prices to follow and [this] will be masked by line charges going up.<\/p>\n
\u201cTranspower has to fund all the connections to the new renewable generation being built,\u201d Goodson said.<\/p>\n
There was further good news for the rural sector, with prices bouncing back 1.5% <\/a>overall in the latest Global Dairy Trade auction, following the previous 4.9% decline.<\/p>\n Whole milk powder lifted 1.6% to an average of US$3486 ($5986) a metric tonne, and skim milk powder was up 2.8% to US$3234\/MT. The largest increase was buttermilk powder, rising 10.5% to US$4737\/MT.<\/p>\n On Wall Street, the Dow Jones Industrial Average was up 0.74% to 52,224.64 points; the S&P 500 increased 0.89% to 7509.2; and the Nasdaq Composite rose 1.29% to 25,837.21. The Philadelphia Semiconductor Index gained 5.21% to 12,356.16 points.<\/p>\n Brent crude oil was trading higher at US$92.26 a barrel at 5.45pm NZ time.<\/p>\n At home, Fisher & Paykel Healthcare gained 71c or 1.82% to $39.82 on trade worth $17.63m; Fletcher Building increased 9c or 2.41% to $3.83; a2 Milk added 11c to $8.53; and Infratil was up 23c to $15.70 on the back of the rebound in AI stocks.<\/p>\n SkyCity rose 7.5c or 12.82% to 66c after announcing it has a conditional agreement for the sale of The Grand Hotel<\/a> in Auckland. The deal needs the consent of the Overseas Investment Office, and SkyCity is expecting settlement late this year.<\/p>\n It\u2019s understood the price for the hotel sale is in the vicinity of $250m, which would reduce SkyCity\u2019s net debt of $594m by nearly half. Real estate agents are indicating there\u2019s a strong appetite for New Zealand hotel assets.<\/p>\n The casino operator is targeting $200m of asset sales by February next year, and has already sold the 99 Albert St office building and investment properties on Victoria St for $74.5m.<\/p>\n Mercury Energy was up 9c to $6.79 after reporting an increased trading margin of $390m for the fourth quarter \u2013 up 33% on the previous corresponding period.<\/p>\n For the year to date, trading margin was up $269m to $1.42 billion, and generation increased 1163GWh to 9070GWh. The quarterly generation was up 339GWh to 2344GWh.<\/p>\n Mercury said all wind turbines at Kaiwera Downs stage 2 in Southland were installed, and the Kaiwaikawe wind farm in Northland was expected to be fully operational in the first half of the 2027 financial year.<\/p>\n Elsewhere in the energy sector, Meridian gained 4c to $5.67, and Contact decreased 15c to $9.10.<\/p>\n Other gainers were Vulcan Steel, increasing 20c or 3.26% to $6.33; Pacific Edge rising 1.5c or 5.88% to 27c; Synlait improving 1.5c or 3.95% to 39.5c; Heartland collecting 3c or 2.5% to $1.23; and Comvita adding 3.5c or 5.07% to 72.5c.<\/p>\n KMD Brands, up 2.5c to $1.69, told the market that group sales for the 2026 financial year<\/a> are expected to be $1.04b-$1.044b, up 5% on the mid-point of the previous year. Operating earnings (ebitda) are expected to be $38m-$41m, up 123% on the 2025 full-year.<\/p>\n For the 24 weeks to July 19, Kathmandu sales were up 4.8% and Rip Curl\u2019s were down 2.8% on subdued Australian consumer sentiment. Oboz shoe sales returned to growth in the fourth quarter as anticipated.<\/p>\n KMD said it was divesting its Southeast Asian manufacturing facility, with a phased production wind-down over 12 months, and it would fetch net property proceeds of between $5m and $7m and free up working capital of $6m.<\/p>\n New Zealand Rural Land Company was down 2.5c or 2.66% to 91.5c after telling the market it was owed $300,000 in rent from Kiwi Crunch Farms<\/a> (now in receivership) at the end of June. It would not receive any more rental income or arrears until a new tenant was secured.<\/p>\n NZ Rural said Kiwi Crunch no longer intends to use the three properties in Hawke\u2019s Bay and they are now under its control. Given the season, no significant operational on-orchard work is needed at present.<\/p>\n