Traders snap up units in NZX's first carbon auction

Traders snap up units in NZX's first carbon auction
Minister for climate change, James Shaw rang the NZX's bell to kick off bidding on Wednesday morning.
Dan Brunskill
NZX’s first carbon credit auction under the Emissions Trading Scheme sold all 4.75 million units offered for $36 each this morning earning the government $171m.A total of 40 participants placed bids for more than 11 million units, but only 30 bidders were successful.Paul Harrison from Salt Funds, which runs a carbon fund, said the auction was a success. He thought with so much extra demand the price might have gone higher.  “Nobody was quite sure how it was going to go given the emitters still have the ability to make good on t...

More Markets

Expectations of rate cuts boost NZ sharemarket in light trade
Markets Market close

Expectations of rate cuts boost NZ sharemarket in light trade

There were 89 rises and 48 falls on the main board.

Smart CEO Anna Scott resigns
Markets

Smart CEO Anna Scott resigns

Anna Scott will take up her new role on October 1.

Fonterra’s NZ milk collections hit five-year high
Primary Sector

Fonterra’s NZ milk collections hit five-year high

The increased production comes as forecast milk prices point to record levels.