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Mercury NZ trims losses after Morningstar highlights resilient Q1 performance

By Reuters News7 hours ago Updated

** Mercury NZ MCY.NZ shares fell as much as 1.3% to NZ$6.69 before trimming losses, and were last down 0.6% in late-afternoon Wellington trade

** Electricity retailer posts Q1 trading margin up 19% YoY, as new wind and geothermal supply offset weak hydro output from dry conditions

** Morningstar says one of the driest quarters on record cut hydro generation 24%, or 332 gigawatt-hours, but total generation slipped only 1%

** Investment research firm adds, derivative gains helped results, though underlying performance was solid and highlighted the value of a diversified generation fleet

** Says lake storage is about 25% below average and likely El Niño-driven low rainfall creates hydro output headwinds for fiscal 2027

** "We leave our forecasts largely unchanged" and maintains its NZ$6.8 fair value estimate - Morningstar

** Stock up 4% YTD

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