Power price squeeze saps energy companies as Manawa tumbles

The S&P/NZX 50 Index fell 68.89 points, or 0.6%, to 12,257.28. Across the main board, 75 stocks declined, 49 were unchanged and 55 rose. 

Turnover was $118.3 million, with Fisher & Paykel Healthcare accounting for $15.3m of that. 

Energy stocks

Manawa Energy led the market lower, sinking 7.9% to $3.94. The North Island electricity generator cut earnings guidance after a power retailer defaulted on its supply payments and as its own soft generation volumes forced it to pay expensive wholesale prices to meet its commitments.