Passive funds sell millions of Contact and Meridian shares

New Zealand's main share index fell as more stocks were added to a clean energy index prompting offshore passive funds to sell millions of shares in Contact and Meridian.

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 valuations last summer as ...MORE»

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FMA keeps watch on advertising rulebreakers

If it looks too good to be true, it probably is and the FMA wants to make sure you do the right thing by your customers and clients releasing a new guide for the advertising of financial products.

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The FMA expects firms to ensure their current marketing practices and campaigns are in line with the final guidance over the next two months and where ...MORE»

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