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    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 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%
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Financials
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%
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Meridian Energy Limited Technical Analysis Chart | MEL | NZMELE0002S7 | MarketScreener
Technical analysis trends MERIDIAN ENERGY LIMITED
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Income Statement Evolution
Consensus
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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