Electricity stocks shed $42m of value
The S&P/NZX 50 Index fell 186.13 points, or 1.5%, to 12,329.09. Within the index, 26 stocks fell, 18 rose and six were unchanged. Turnover was $147.5 million.
Renewable energy stocks led the index’s sharp decline, bucking the sector’s reputation as being a reliable – and even boring – place to invest.
Meridian Energy dropped 6.3% to $5.245 with 4 million shares, worth more than $25m, changing hands.
“Meridian Energy is a boring old utility, it used to go up or down half a percent on a bad day and now 5% is the new normal for this thing,” said Jeremy Sullivan, an investment advisor at Hamilton Hindin Green.
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