All eyes on Contact, Meridian as S&P index rebalancing looms
8 Apr, 2021 05:30 AM
4 minutes to read
Contact Energy s Clyde Dam. Photo / Grant Bradley, NZ Herald
Shares in Contact and Meridian look likely to remain on a rocky road until key index changes take effect on April 16. Trade in both stocks has been extremely volatile as clean, green power generators have became flavour of the month for exchange traded funds (ETFs).
BlackRock - the world s biggest asset manager - has two iShares clean energy exchange traded funds (ETFs) which have amassed big stakes in Meridian Contact.
Both funds track the S&P Dow Jones Global Clean Index.
Uncertainty remains over exactly how and when BlackRock will dispose of the shares.
A likely BlackRock sell-down of exchange traded funds (ETF) positions in Meridian Energy and Contact Energy is a “wonderful gift” from passive to active investors, according to Salt Funds Management head Matt Goodson, although uncertainty still surrounds the exact timing and mechanism of the disposals.
The likely share sale will result from a rebalancing and reweighting of S&P Global’s Clean Energy Index which includes the two Kiwi generators and is tracked by two BlackRock funds – iShares Global Clean Energy ETF (ICLN) and iShares Global Clean Energy UCITS ETF (INRG).
Market close: Volatile energy stocks settle as sharemarket posts solid gain
7 Apr, 2021 05:43 AM
4 minutes to read
Contact rose 15c or 2.21 per cent to $6.94. Photo / File
NZ Herald
By: Graham Skellern
The New Zealand sharemarket posted a solid gain of more than half a per cent on a day when the volatile renewable energy stocks settled and corporate news was lacking. The S&P/NZX 50 Index rose 87.10 points or 0.7 per cent to 12,487.59. There were 84 gainers and 57 decliners over the whole market on heavy volume of 85.85 million share transactions worth $289.84 million.
There was again reasonably strong trading in Contact Energy and Meridian as they continue to face selling from the offshore exchange traded funds, but their share prices held up.
Market close: NZ stocks end soft as investors await the US Fed nzherald.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nzherald.co.nz Daily Mail and Mail on Sunday newspapers.
Market close: Covid-battered stocks make strong headway
16 Mar, 2021 04:40 AM
4 minutes to read
SkyCity Entertainment rose 16c or 4.78 per cent to $3.51. Photo / 123RF
NZ Herald
By: Graham Skellern
The re-opening stocks – those battered by the Covid pandemic – continued to make strong headway as the more confident New Zealand sharemarket posted its sixth successive day of rises. The S&P/NZX 50 Index gained 96.79 points or 0.77 per cent to 12,689.05, after reaching an intraday low of 12,584.85. There were 83 gainers and 61 decliners with 50.4 million shares worth $200.76 million changing hands.
Matt Goodson, managing director of Salt Funds Management, said it was a day investors were willing to take risks and pay for re-opening stocks. Some of them are having strong runs.