Large amount of Meridian and Contact shares set to be sold down

Meridian shares could flood the market.

Mon, 08 Mar 2021

Changes to a clean energy index fund’s rules will result in almost 10% of the available shares in Contact Energy and Meridian Energy being sold down, according to an analysis by Forsyth Barr.An influx of money into Standard & Poor's Dow Jones Global Clean Energy Index at the end of 2020 pushed around the share price of both companies. In particular, Meridian’s share price soared as high as $9.40 on Jan 7, but has fallen back since then and was trading around $5.35 today.S&P has been working on changing the index’s...

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