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    MEL   NZMELE0002S7


SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Miners drag Australian shares lower; NZ falls before election results

10/15/2020 | 09:22pm EDT

* 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) -0.20% 0.7364 Delayed Quote.-4.07%
BHP GROUP -0.35% 51.27 End-of-day quote.20.83%
CONTACT ENERGY LIMITED 1.33% 8.37 End-of-day quote.-6.06%
CSL LIMITED 1.47% 293.48 End-of-day quote.3.64%
GUD HOLDINGS LIMITED -0.17% 11.65 End-of-day quote.-0.77%
MERIDIAN ENERGY LIMITED -1.21% 5.285 End-of-day quote.-28.77%
RIO TINTO GROUP -0.24% 127.1 End-of-day quote.11.66%
S&P/ASX 200 0.11% 7394.4 Real-time Quote.12.26%
07/22CONTACT ENERGY : Meridian Energy to Build World's Largest Green Hydrogen Plant i..
07/21New Zealand Power Companies Propose Large Hydrogen Export Investment
07/18Meridian Energy Limited Announces Board Changes
07/01MERIDIAN ENERGY : S&P Affirms Meridian Energy's Corporate Credit Rating at BBB+
06/15Australian shares edge up on energy, banking gains; Fed meeting eyed
06/14Meridian Energy Limited Reports Operating Results for the Month and Year to D..
06/13MERIDIAN ENERGY : Monthly National Hydro Storage Rises to 70% of Historial Avera..
06/13MERIDIAN ENERGY : New Zealand shares rise, with power companies top gainers
06/07Meridian Energy Looks to Sell Australia Electricity Business
05/31MERIDIAN ENERGY : New Zealand Aluminium Smelters Extends Suspension of Potline 4..
More news
Sales 2021 3 966 M 2 764 M 2 764 M
Net income 2021 252 M 176 M 176 M
Net Debt 2021 1 511 M 1 053 M 1 053 M
P/E ratio 2021 49,6x
Yield 2021 3,21%
Capitalization 13 541 M 9 448 M 9 438 M
EV / Sales 2021 3,80x
EV / Sales 2022 4,43x
Nbr of Employees 1 031
Free-Float 48,9%
Duration : Period :
Meridian Energy Limited Technical Analysis Chart | MEL | NZMELE0002S7 | MarketScreener
Technical analysis trends MERIDIAN ENERGY LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 6
Last Close Price 5,29 NZD
Average target price 5,21 NZD
Spread / Average Target -1,39%
EPS Revisions
Managers and Directors
Neal Anthony Barclay Chief Executive Officer
Michael John Roan Chief Financial Officer
Mark John Verbiest Chairman
Peter David Wilson Deputy Chairman
Anake Angus Murray Goodall Independent Non-Executive Director