MEL - Meridian Energy

[BigBob]

In with a cheeky bid for CEN too - happy to pick up some if they drop significantly, but not really expecting it to happen.

[JohnnyTheHorse]

My contact is advising latest confirmed numbers are MEL dropping from 4.63% to just under 0.8% of the fund.

Note: I don't have access to verify this information.

[winner69]

My contact is advising latest confirmed numbers are MEL dropping from 4.63% to just under 0.8% of the fund.

Note: I don't have access to verify this information.

Jeez, that’s an awful lot of shares to sell then

Just as well instos been selling heaps of other things to buy up (on the cheap) ...least that alleviates the problem for a while until those instos rebalance their own portfolios

[Sideshow Bob]

Hmmmm, MEL trading up 11c at the moment.

NZX website saying 3500 trade so far today.....average trade 184 shares.....

[JohnnyTheHorse]

Hmmmm, MEL trading up 11c at the moment.

NZX website saying 3500 trade so far today.....average trade 184 shares.....

I would expect all selling will occur in the closing auction and after market. This would be the strategy most likely to obtain the best price.

[Baa_Baa]

Jeez, that’s an awful lot of shares to sell then

Just as well instos been selling heaps of other things to buy up (on the cheap) ...least that alleviates the problem for a while until those instos rebalance their own portfolios

I can't remember where I got it from but the note I put on my chart some time ago says "Blackrock selling 100 million shares on 19/4/21"

All a bit of a mystery, and SP is up today so far.

[winner69]

I can't remember where I got it from but the note I put on my chart some time ago says "Blackrock selling 100 million shares on 19/4/21"

All a bit of a mystery, and SP is up today so far.

ThT 100 million quoted a lot - the Kernel Wealth man says it’s a lot less because not all Black Rock shares are invested in the index in questions.

[Traderx]

The wording on the SP website says changes take effect prior to market opening on Monday 19th. The funds could therefore trade on Monday morning NZ time, I think this is likely then (despite NZX seeming to suggest trading would be today and extending the after hours session), unless we are going to see a mad rush shortly.

https://www.spglobal.com/spdji/en/do...s3-24-2021.pdf

Very little volume through currently.

[Greekwatchdog]

From the Herald..

The NZX is extending its trading hours by 45 minutes today to accommodate changes arising from the rebalancing of the S&P Global Clean Energy Index.


NZX Product Operations said the "adjust" trading session on the exchange's X-stream trading platform would be extended for the NZX main board, debt market, and the Fonterra Shareholders' market.


All eyes on Contact, Meridian as S&P index rebalancing looms - NZ Herald
"This amendment has been made to accommodate the rebalance of the S&P Global Clean Energy Index," NZX said.


Trading normally finishes at 5pm.


Heavy trading is expected to occur in Meridian and Contact Energy when the index changes take effect as they will see their weightings reduce substantially.


Trade in Contact and Meridian has already been volatile in advance of the change.


BlackRock - the world's biggest asset manager - has two iShares clean energy exchange traded funds (ETFs) which have amassed big stakes in Meridian and Contact. Both funds track the S&P Dow Jones Global Clean Index.


S&P will add 51 stocks to the index, which currently comprises just 30 green energy stocks.


There will also be modifications to the index's constituent weightings scheme.


It is understood that Contact's weighting will fall from 4 per cent to just under 0.7 per cent and Meridian's will go from 4.5 per cent to just over 0.7 per cent.

[peat]

always weirds me out a bit how they get extra time....

however let me say that I've been thinking everyone will be disappointed if they are expecting wild discounts to be available on this share.