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

Large amount of Meridian and Contact shares set to be sold down
Meridian shares could flood the market.
Staff reporters
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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