Shares in New Zealand’s technology services sector experienced a notable increase, gaining more than 1% by midday on Tuesday. Gentrack Group (NZE:GTK, ASX:GTK) notably outperformed, seeing an uptick of over 7% in recent trading.
The growth in Gentrack’s stock price follows the announcement that Momentum Energy has contracted the company to manage more than 200,000 residential and business meter points across Australia. This decision came after a competitive selection process, underscoring Gentrack’s expanding role in technology services.
In contrast, the commercial services sector saw a decline of nearly 2%. PGG Wrightson (NZE:PGW) was among the hardest hit, with its shares dropping close to 3% in recent trades.
The fluctuations in these sectors reflect ongoing shifts within the New Zealand stock market as companies adapt to changing business environments.
