New Zealand's Vector sees worst day in a week; CS cuts PT

Vector

17/01/2020 03:48

** Shares of Vector Ltd  VCT.NZ  fall as much as 1.1% to
NZ$3.73, marking their biggest intraday pct loss since Jan.10
    ** Credit Suisse cuts PT on the electricity and gas
distributor to NZ$3.21 from NZ$3.27; maintains "underperform"
rating
    ** CS says Commerce Commission's final decision on maximum
allowable revenue for VCT's regulated electricity network
business squeezes allowed capex on regulated electricity assets
by 15% versus co's asset management plan
    ** Brokerage says the sale of VCT's Kapuni gas treatment
plant to Todd Energy and rejig of their gas supply arrangements
announced in December is expected to have little impact in the
short term
    ** More than 121,000 shares change hands, compared with
30-day avg volume of about 118,000 
   ** Three of 5 analysts rate the stock "hold" and 2 "sell" or
lower; median PT NZ$3.45 – Refinitiv data

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))