1 Dec 20 - A Record-Breaking Month | Genesis Energy Update Global markets were lower overnight (S&P 500 Index -0.4%) but markets ended the month of November with stellar returns post the US election result and promising COVID vaccine news-flow. The US market (measured by the S&P 500 index) rallied +10.7%, while the Australian market (ASX 200) gained 9.9%, its best month on record. The NZ market (NZX 50) lagged in a relative sense, but was still up +5.8% for the month   Genesis Energy (GNE:NZX / GNE:ASX) As we touched on yesterday, GNE is undertaking a review of its Kupe oil & gas asset ownership (46% stake) which has come a little sooner than expected. In our view, if GNE can hold its incremental dividend after any sale, a transaction will be viewed positively. We think a sale would improve balance sheet flexibility and allow GNE to absorb the cash flow shortfall and potentially carry the current dividend, while the strategic reasons for owning K...