Business
Genesis Energy (ASX:GNE) share price drops 5% today after closing at 52-week high last week
The Genesis Energy Ltd (ASX: GNE) share price has dropped almost 5% to $3.50 today, after closing last week’s trading at a 52-week high of $3.68.
The Genesis Energy share price is falling today amid a broader fall in ASX energy shares. Shares in Contact Energy Limited (ASX: CEN) fell by 7%, while the Energy Resources of Australia Limited (ASX: ERA) share price also dropped 6.5% today.
Let’s take a look at what’s been driving the Genesis Energy share price in the last 6 months.
Solid FY20 results
The company’s share price has been riding on the back of solid FY20 results, in which it reported net profit after tax (NPAT) of $46 million. This was despite challenging market conditions due to the coronavirus pandemic.
Genesis…
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