The Nats’ first reaction to NZ Power was hysterical nonsense about North Korea, the 1970s and communists (just like old times – remember when Key said Working for Families was “communism by stealth!”?). That didn’t get them very far. So more recently they (and their proxies) have been pushing the lie that the NZ Power announcement was “economic sabotage”, responsible for wiping out energy company share prizes, the NZ Stock Exchange, NZ Super eavings, etc etc etc.
Danyl at Dimpost has done a great job of debunking this nonsense with posts graphing Contact Energy shares and the NZ Stock Exchange. Since lies are so often repeated by the political Right, there’s no harm repeating the truth in response. So with full acknowledgment to Danyl for leading the way, here are some relevant graphs. All data is from the NZX website, over a 2 year period, with a grey line showing the 50 day weighted average, and a red vertical line added to show the date of the Labour / Green NZ Power announcement.
The first graph is the Contact Energy Limited ordinary shares price. It takes a dip after the announcement, but nothing unusual, it lost about 7 weeks worth of gains. Hardly the end of the world.
The second graph is energy index measuring the performance of the energy sector as a whole. Same pattern, no apocalypse.
The final graph is the NZX All Index for an overview of the whole “stock market”. Why look at that – still going up!
So hey reporters – next time you hear all this apocalyptic spin from the Nats (or some ranting right wing muppet on National Radio shouting that the NZ Power crashed the stock market) you’ll know it’s a lie. Go check the data for yourselves.