The Markets

Passive funds sell millions of Contact and Meridian shares

Friday 15th of October 2021

The S&P/NZX 50 Index fell 36 points, or 0.3%, to 13,012.19. Turnover was $227 million in an extended trading session.

Renewable electricity generators were responsible for the underperformance, falling as funds tracking the S&P Clean Energy Index rebalanced their portfolios.

The passive fund was responsible for pushing Contact and Meridian to massively stretched valuatio...

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