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MarketScreener Homepage  >  Equities  >  New Zealand Stock Exchange  >  Meridian Energy Limited    MEL   NZMELE0002S7

MERIDIAN ENERGY LIMITED

(MEL)
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Miners drag Australian shares lower; NZ falls before election results

10/15/2020 | 09:22pm EST

* Energy stocks weigh on New Zealand's benchmark index

* Rio Tinto posts near 5% drop in Q3 iron ore shipments

* Aussie healthcare stocks mark worst intraday in 2 weeks

Oct 16 (Reuters) - Australian shares slipped on Friday as weak iron ore prices pressured heavyweight mining stocks, with waning hopes for additional U.S. fiscal stimulus before the presidential election weighing on market sentiment globally.

The S&P/ASX 200 index was down 0.3% to 6,193.40 by 0003 GMT, after settling 0.5% higher in the previous session.

New Zealand's benchmark S&P/NZX 50 index slipped 0.5% ahead of the election results on Saturday.

An opinion poll showed current Prime Minister Jacinda Ardern from the Labour Party is widely expected to beat her main rival, National Party leader Judith Collins, on the back of her success in tackling the novel coronavirus.

In her campaign, Ardern has vowed to encourage environment-friendly solutions to reduce carbon emissions by phasing out coal-fired boilers as climate change is considered a key issue in the election.

Electricity retailers Contact Energy Ltd and Meridian Energy Ltd were the top losers on the New Zealand index, losing 4.4% and 3.1%, respectively.

In Australia, stocks tracked overnight losses on Wall Street as U.S. President Donald Trump's offer to raise the size of a fiscal stimulus package failed to woo investors, with most believing a deal seemed unlikely before the Nov. 3 election.

The Australian metals and mining index fell 0.3%, weighed down by lower iron ore prices.

Global miner Rio Tinto was down 0.5% after reporting a near 5% drop in third-quarter shipments of the steel-making ingredient. Rival BHP Group Ltd dipped too.

Healthcare stocks gave up 1%, marking their biggest intraday drop in two weeks, with biotech giant CSL Ltd dragging down the sub-index.

Banking stocks were slightly up with the "Big Four" lenders rising between 0.2% and 0.4%.

Auto parts maker GUD Holdings Ltd jumped 4% to a near seven-month, making it one of the top gainers on the benchmark, after Citi upgraded the stock on strong quarterly sales. (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.11% 0.7365 Delayed Quote.5.49%
BHP GROUP -1.68% 38.07 End-of-day quote.-2.18%
CONTACT ENERGY LIMITED 0.77% 7.86 End-of-day quote.10.24%
CSL LIMITED -1.85% 297.38 End-of-day quote.7.84%
GUD HOLDINGS LIMITED -3.19% 11.23 End-of-day quote.1.17%
MERIDIAN ENERGY LIMITED 0.16% 6.44 End-of-day quote.28.80%
RIO TINTO GROUP -0.59% 101.4 End-of-day quote.1.00%
S&P/ASX 200 1.08% 6588.5 Real-time Quote.-2.49%
All news about MERIDIAN ENERGY LIMITED
11/22Australia shares at near 9-month high as biggest states reopen borders
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10/23Australia shares slip on U.S. stimulus uncertainty, weak manufacturing data
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10/19Australia shares end at over 7-mth high as restrictions ease in Victoria
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10/18Australian shares rise as coronavirus curbs ease in Victoria; NZ flat
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10/16Australia shares finish lower as mining, energy stocks fall
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10/15Miners drag Australian shares lower; NZ falls before election results
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09/28Australia shares end lower on financials and consumers; NZ recovers
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09/28Rio Tinto smelter in focus as New Zealand's PM seeks extension
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09/27Rio Tinto smelter in focus as New Zealand's PM seeks extension
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09/27New Zealand PM Seeks 3-5 Year Delay in Smelter Closure
DJ
More news
Financials
Sales 2021 3 290 M 2 323 M 2 323 M
Net income 2021 259 M 183 M 183 M
Net Debt 2021 1 529 M 1 079 M 1 079 M
P/E ratio 2021 63,3x
Yield 2021 2,64%
Capitalization 16 498 M 11 579 M 11 648 M
EV / Sales 2021 5,48x
EV / Sales 2022 6,28x
Nbr of Employees 1 031
Free-Float 48,9%
Chart MERIDIAN ENERGY LIMITED
Duration : Period :
Meridian Energy Limited Technical Analysis Chart | MEL | NZMELE0002S7 | MarketScreener
Technical analysis trends MERIDIAN ENERGY LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 6
Average target price 4,78 NZD
Last Close Price 6,44 NZD
Spread / Highest target -14,6%
Spread / Average Target -25,8%
Spread / Lowest Target -42,5%
EPS Revisions
Managers
NameTitle
Neal Anthony Barclay Chief Executive Officer
Mark John Verbiest Chairman
Michael John Roan Chief Financial Officer
Peter David Wilson Deputy Chairman
Anake Angus Murray Goodall Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
MERIDIAN ENERGY LIMITED28.80%11 561
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IBERDROLA, S.A.24.67%83 808
ORSTED A/S63.14%75 785
DUKE ENERGY CORPORATION1.59%68 194