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Market close: Investor confidence returning as sharemarket rises more than 1 per cent

Market close: Investor confidence returning as sharemarket rises more than 1 per cent
8 Apr, 2021 05:35 AM
4 minutes to read
Tourism Holdings had strong day, rising 7c or 2.63 per cent to $2.73. Photo / Supplied
NZ Herald
By: Graham Skellern
Buyers were again active as the New Zealand sharemarket took a lead from positive offshore bourses to post more than one per cent gain – representing a rise of nearly two per cent in two
trading days.
On Wall Street, the Dow Jones Industrial Average and S&P 500 index hit all-time highs this week, the London FTSE 100 Index was up 0.9 per cent overnight, the Hong Kong and China market were ahead, and the Australian S&P/ASX 200 Index was up 0.89 per cent to 6900 points at 5.45pm (NZ time). ....

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Meridian, Contact hammered as savage sell-off looms, NZX50 slips 0.8 per cent

Air New Zealand shares rose to $1.83, Auckland International Airport rose 1.6 per cent to $7.77, and Tourism Holdings jumped 5.8 per cent to $2.72. Corporate travel company Serko was up 0.7 per cent at $7.00.
“It’s possibly going to be good for the economy in general, but there’s only a handful of stocks that are actually really exposed to that, said Hobson Wealth Partners investment adviser Brad Gordon.
LAWRENCE SMITH/Stuff
The benchmark S&P/NZX50 Index slipped 0.8 per cent as trading resumed after Easter.
Also on April 19, about 70 million shares in Contact and about 100 million shares in Meridian will be sold by iShares clean-energy exchange-traded funds (ETFs), according to an estimate in the Australian Financial Review. ....

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Renewable energy stocks begin final descent

Renewable energy stocks begin final descent
Tuesday, April 6th 2021, 6:40PM
by BusinessDesk
The S&P/NZX 50 Index fell 87.83 points, or 0.7%, to 12,400.48. Within the index, 20 stocks fell, 19 rose and 11 were unchanged. Turnover was $193.2 million.
Meridian Energy dropped 5.9% to $5.25 and Contact fell 4.1% to $6.79. Both are included in S&P’s Global Clean Energy Index which was responsible for inflating their share prices in January.
The index builder has now moved to prevent similar liquidity shocks in the future by adding 70 new companies to the index and significantly reducing the weighting of the two Kiwi stocks.
Today, when the market reopened after the Easter weekend investors reacted to the Good Friday announcement and began selling and shorting the two stocks ahead of the rebalance. ....

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Meridian, Contact Energy help drag down NZX50, Wall Street gives up gains

“Contact and Meridian were sold off again this afternoon and this seems to be ahead of the global green index rebalance, we’re still waiting for the news on what exactly the impact will be but there seems to be people positioning around ahead of that,” said Main.
LAWRENCE SMITH/Stuff
Electricity stocks helped drag down the NZ sharemarket on Wednesday.
Late last year and early this year, overseas investors jumped into the two renewable energy stocks thanks to their presence in overseas exchange traded funds (ETFs).
However, in April, two funds that track the benchmark Global Clean Energy Index will have to sell a sizeable chunk of Contact and Meridian shares. ....

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Sharemarket falls as bond yields spike higher, reducing appeal of equities

The sharemarket fell as expectations of higher inflation pushed up bond yields, denting the appeal of some stocks. ....

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