The Centuria Capital Group (ASX: CNI) share price is one of the worst performers on the ASX markets today. While the S&P/ASX 200 Index (ASX: XJO) has opened strongly today, rising 0.74% at the time of writing to 7,075 points, Centuria Capital shares have gone the other way. Currently, the Centrica share price is down a hefty 6.36% to $2.58 a share.

That means that Centuria is now down around 9% from its 52-week high that we saw back in late April. Even so, this company is also still up more than 72% over the past 12 months.

So what’s going on with Centuria Capital shares today?

Merger plans stoke some fear

Well, the movements today can be attributed to the ongoing merger that Centuria is presently negotiating. As we reported last week, Centuria is on the cusp of securing a merger with Primewest Group Ltd (ASX: PWG). Centuria first flagged a merger proposal with Primewest back in April. The offer is for 20 cents in cash and 0.473 in Centuria shares for each share of Primewest.

On 14 May, Primewest’s board unanimously recommended that shareholders accept this offer from Centuria. Yesterday, Primewest issued another statement reiterating management’s support for the offer, urging shareholders to accept it in the absence of a more favourable deal.

Well, all of this wheeling and dealing has gotten investors a little hot and bothered it seems.

Centuria is one of the worst-performing ASX shares today. It is also one of the most heavily traded. Data from CommSec shows that Centuria is currently the fifth-highest ASX share by volume at the time of writing, after being the most traded ASX share on the market at one point his morning. More than 75 million shares have swapped hands today already.

That’s despite no major news or updates coming out about the proposed merger today. Well, that’s aside from some routine ASX paperwork that the company released this morning. But that was just a notice of initial substantial holder that relates to the merger, nothing to get too excited over.

About the Centuria Capital Group share price

Centuria is an ASX fund manager specialising in real estate and investment bonds. It owns a portfolio of mostly real estate assets across both Australia and New Zealand. These include commercial offices and industrial warehouses, amongst others. ASX investors might be familiar with the Centuria Office REIT (ASX: COF) and the Centuria Industrial REIT (ASX: CIP) that these assets are housed in and that the company manages. On the current Centuria Capital share price, the company has a market capitalisation of $1.54 billion.

More reading

• ASX 200 up 0.6%: James Hardie Q4 update, St Barbara sinks, Nuix jumps
• Latest 2 ASX shares to be upgraded by brokers to “buy” today
• South32 (ASX:S32) increases capital returns by $258m and sets climate goals
• Why the Commonwealth Bank (ASX:CBA) share price is in the spotlight today
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The BARD1 Life Sciences Ltd (ASX: BD1) share price is in the green during late morning trade. This comes after the life sciences company announced the launch of its EXO-NET product.

When news broke out, BARD1 shares soared to an intraday high of $2.69. However, some profit-taking has led its shares to fetch for (at the time of writing) $2.57, up 3.6%.

Anticipated EXO-NET launch

Investors are pushing BARD1 shares into positive territory following the company’s latest release.

In a statement to the ASX, BARD1 advised it will launch its EXO-NET product at the virtual International Society of Extracellular Vesicles (ISEV) Annual Meeting. Notably, EXO-NET is the company’s first product based on its molecular NET technology. The ISEV meeting will be held from 18 May to 21 May 2021.

BARD1 stated that EXO-NET is a next-generation exosome isolation and purification tool, available only for research use. The molecular NET product captures exosomes from biological samples such as blood, urine and saliva.

Exosomes are nano-sized vesicles that are released from almost all cell types into surrounding body fluids. These biovesicles contain protein, DNA, and ribonucleic acid (RNA) which shuttle between neighbouring and distant cells, allowing functions like cellular communication. Exosomes have huge clinical and commercial potential in the diagnosis and treatment of numerous diseases.

According to Grand View Research, the global exosome market is expected to reach US$2.3 billion by 2030. This represents a growth rate of 18% per year, highlighting the increasing demand for harnessing exosomes.

The ISEV 2021 virtual meeting will showcase all the latest products in extracellular vesicle science. Industry professionals will gather to collate their thoughts and advance current knowledge for societal and economic benefit.

Management commentary

BARD1 chief scientific officer, Dr Peter French welcomed the upcoming event, saying:

We are very excited to launch EXO-NET to the global exosome research market at the ISEV2021 conference. EXO-NET solves the sample preparation problems encountered using traditional exosome capture methods by providing fast, accurate and scalable capture of exosomes from any liquid sample.

Furthermore, the potential of this technology is largely untapped, as only EXO-NET can be customised for the capture of target exosome sub-populations for a range of commercial diagnostic and therapeutic applications. This is becoming a major focus of exosome research and development.

BARD1 CEO, Dr Leearne Hinch went on to add:

This is a major milestone in BARD1’s commercial development of its Molecular NET technology. The exosome field is rapidly growing across research, diagnostic and therapeutic applications for cancer, inflammatory disease and wound healing. BARD1 intends to position itself as a leader in the exosomes field.

About the BARD1 share price

Over the course of the last 12 months, BARD1 shares have accelerated to more than 220%. However, year-to-date performance has jumped higher to post a gain of almost 280%. It’s worth noting though, since mid-March, the company’s shares have gradually trodden lower.

Based on today’s price, BARD1 commands a market capitalisation of roughly $204 million, with approximately 80 million shares on offer.

More reading

• Why is the BARD1 (ASX:BD1) share price jumping today?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the BARD1 (ASX:BD1) share price is on the rise today appeared first on The Motley Fool Australia.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.6% to 7,063.7 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat Leisure share price is up a further 3.5% to $40.31. Investors have been buying the gaming technology company’s shares since the release of a strong first half update on Monday. One broker that was particularly impressed was UBS. This morning its analysts retained their buy rating and lifted their price target to $42.50.

Creso Pharma Ltd (ASX: CPH)

The Creso Pharma share price is up almost 7% to 16 cents. The catalyst for this was the release of the cannabis company’s tenth announcement in six weeks. Today’s announcement reveals that Creso has finalised the development of its patented anibidiol-swine product. The product is intended as a complementary feedstock for pigs. It was developed to address the need for an effective, natural and plant based complementary feed to support the reduction of stress and swine tail biting.

Nuix Ltd (ASX: NXL)

The Nuix share price has jumped 12% to $3.52. Investors have been buying the analytics company’s shares following its investor day event. At the event, management apologised to shareholders for a series of failings since its IPO. Nuix also advised that it will be reviewing its governance in light of the missteps.

Resolute Mining Limited (ASX: RSG)

The Resolute Mining share price has risen 4% to 64.5 cents. Investors have been buying Resolute and other gold miners today following a rise in the gold price overnight. The precious metal hit a three-month high after bond yields softened. The S&P/ASX All Ordinaries Gold index is up a sizeable 2.5% at the time of writing.

More reading

• Nuix (ASX:NXL) share price gains 12% on signals of accountability
• ASX 200 up 0.6%: James Hardie Q4 update, St Barbara sinks, Nuix jumps
• Why the Creso Pharma (ASX:CPH) share price is on fire today
• ASX 200 rises, Nuix drops, Elders falls
• Here’s why the Macquarie (ASX:MQG) share price sank 5% today

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Nuix Ltd (ASX: NXL) share price is flying higher today after the intelligence software company conducted its investor day presentation.

At the time of writing, Nuix shares are swapping hands for $3.51 – an increase of 11.78%.

It seems investors are eyeing a glimmer of green following an extended timeline of disappointment and doubts. Comments addressing these issues head-on in the presentation have been met with optimism.

Let’s look at what is moving the company’s shares.

Stormy Nuix share price backdrop

Beginning as one of the hottest initial public offerings (IPOs) last year, this fairytale story evolved into a shareholder nightmare. The potential growth story had investors excited, with many believing Nuix could be the next big Australian technology company.

Hopes began to shatter when the company announced its results for the first half of FY21 on 26 February. Statutory revenue was down 4% to $85.3 million, while profit after tax dropped 20.4% to $9.5 million.

The disappointment was only compounded when Nuix revised its guidance for FY2021 on 21 April. Due to a shift from module-based subscriptions to software-as-a-service (SaaS) licenses, Nuix downgraded its forecasts. Controversially, this occurred only 6 weeks after reaffirming guidance to shareholders.

The reaction was what you’d expect from shareholders jostled around by conflicting statements. Shares in the intelligence software provider plummeted 16%. The Nuix share price had been gradually falling following the downgrade.

A joint investigation by The Sydney Morning Herald, The Age, and The Australian Financial Review released 17 May 2020 added to shareholder distrust. The publications mostly discussed Nuix founder, Tony Castagna.

Although Castagna left the Nuix board prior to its ASX float, the publications pointed out that Castagna’s involvement and history were not disclosed in the prospectus. For those unaware, Castagna was acquitted of charges relating to tax fraud and money laundering in 2019.

Nuix CEO addresses the elephant in the room

With so much speculation and controversy swirling, today’s investor presentation had a lot hanging over its head. The weight of the market’s discontent was a heavy stone that CEO Rod Vawdrey did not want to leave unturned.

In a show of accountability, Vawdrey commented on the lack of communication and business priorities, “That’s on us, that’s our bad. Building trust with you, our investors really is our top priority. I take full responsibility for the performance of the business.” He added, “For those investors big and small who have been impacted in the last few months, I’m incredibly sorry.”

The remarks have been well received by the market. The Nuix share price is on track for its best day since 23 April.

More reading

• Why Aristocrat Leisure, Creso Pharma, Nuix, & Resolute are charging higher
• ASX 200 up 0.6%: James Hardie Q4 update, St Barbara sinks, Nuix jumps
• ASX 200 rises, Nuix drops, Elders falls
• Here’s why the Macquarie (ASX:MQG) share price sank 5% today
• Why the Nuix (ASX:NXL) share price just hit its lowest level ever

Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Charter Hall Long WALE REIT (ASX: CLW) share price is in a trading halt this morning.

The real estate investment trust (REIT), managed by Charter Hall Group (ASX: CHC), requested the halt this morning pending several announcements.

We take a look at those below.

Why did CLW request a trading halt?

The Charter Hall Long share price was paused today prior to the company announcing 4 property acquisitions. In addition, Charter Hall Long announced an accelerated capital raising to fund the purchases.

Charter Hall also reported that it has entered into agreements to acquire 50% interests in 3 suburban office assets. All with a long weighted average lease expiry (WALE) and a long WALE convenience retail property.

Furthermore, the total purchase price of the 4 properties is $415.4 million. According to the release, that reflects a passing yield of 5.2%. The combined acquisitions have a WALE of 9.2 years.

The 4 acquisitions are:

• the Services Australia Building in Tuggeranong, ACT for $153.0 million
• the Australian Taxation Office (ATO) Building in Box Hill, VIC for $115.0 million
• the Red Cross Building in Alexandria, NSW for $79.5 million
• the ATO Building in Albury, NSW for $42.5 million.

The company also reported it has settled the acquisition of a 100% interest in an Ampol-anchored convenience retail property in Queensland for $25.4 million.

The new acquisitions will be partly funded by a roughly $250 million fully underwritten accelerated non-renounceable entitlement offer.

New shares will be issued at $4.65. That’s 3.4% below yesterday’s closing price of $4.81 per share. Charter Hall Group has also committed to taking up its full entitlement of approximately $29 million.

Management commentary

Commenting on the acquisitions, Avi Anger, fund manager of CLW said:

The acquisitions of these modern, long WALE properties reinforces the REIT’s strategy of acquiring high quality properties with long leases to strong tenant covenants. The properties are diversified across the Eastern Seaboard and support the provision of essential government, life sciences and convenience retail services.

The acquisitions are 75% leased by income to the Commonwealth Government and will increase CLW’s exposure to government tenants from 16% to 21%. The acquisitions weighted average rent review of 3.6% is accretive to CLW’s portfolio weighted average rent review and supports the REIT’s secure and growing income profile.

Charter Hall share price snapshot

The Charter Hall share price is up 20% over the past 12 months, lagging the 29% gains posted by the S&P/ASX 200 Index (ASX: XJO). Furthermore, year-to-date, the REIT’s shares have gained 3%.

More reading

• 2 ASX dividend shares to buy with yields above 5%
• 2 ASX dividend shares to buy in May 2021
• Charter Hall (ASX:CHC) share price flat on upgraded earnings guidance
• 3 ASX shares that keep growing the dividend every year

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Charter Hall REIT (ASX:CLW) share price is frozen appeared first on The Motley Fool Australia.

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. The benchmark index is currently up 0.6% to 7,066.2 points.

Here’s what has been happening on the market today:

James Hardie results

The James Hardie Industries plc (ASX: JHX) share price is tumbling lower today following the release of its fourth quarter results. For the three months ended 31 March, the company reported a 20% increase in sales to US$807 million and a 44% jump in adjusted net income to US$124.9 million. This led to its full year sales coming in 12% higher year on year at US$2,908.7 million, with adjusted net income rising 30% to US$458 million. This appears to have fallen short of the market’s expectations.

St Barbara downgrades guidance

The St Barbara Ltd (ASX: SBM) share price is crashing lower today after downgrading its production guidance and increasing its cost guidance. Due to issues at its Leonara and Simberi operations, consolidated production is expected to be between 330,000 and 360,000 ounces in FY 2021. This compares to its previous guidance of 370,000 to 380,000 ounces. Whereas its all-in sustaining costs (AISC) is expected to be A$1,547 and A$1,695 per ounce, up from between A$1,440 and A$1,520 per ounce.

Nuix share price rebounds

The Nuix Ltd (ASX: NXL) share price is rebounding on Tuesday following the release of its investor update. The analytics company used the event to apologise to shareholders over a series of failings since its IPO at the end of last year which has led to its share price collapsing. Nuix advised that it will be reviewing its governance in light of the missteps.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Nuix share price with a 9% gain following the investor day event. Whereas the worst performer has been the St Barbara share price with a sizeable 8.5% decline after downgrading its guidance.

More reading

• Latest 2 ASX shares to be upgraded by brokers to “buy” today
• St Barbara (ASX:SBM) share price crashes 10% on guidance downgrade
• South32 (ASX:S32) increases capital returns by $258m and sets climate goals
• Why the Commonwealth Bank (ASX:CBA) share price is in the spotlight today
• James Hardie (ASX:JHX) share price on watch after strong Q4 result

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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As the market inches closer to resetting its record high, brokers still see value among select ASX shares and have just upgraded these two to “buy”.

The S&P/ASX 200 Index (Index:^AXJO) added 0.7% this morning to 7,070 points. It’s within striking distance to the 7,139 peak that it set in February last year before COVID-19 triggered a market meltdown.

Fuelled-up for a broker upgrade

While ASX value buys are harder to find these days, the Ampol Ltd (ASX: ALD) share price could be one of the exceptions.

This is despite the fact that the Ampol share price is adding another 1.2% to a four-month high of $27.85 at the time of writing. The morning’s gain in on top of the circa 6% surge it enjoyed yesterday after it got a big government handout to keep its Lytton refinery operating.

Strategic value unlocks “buy” upgrade for this ASX share

Morgan Stanley upgraded the Ampol share price to “overweight” from “equal-weight” after the government announced a package to protect Australia’s fuel security.

“The newly announced refinery support package reduces the earnings volatility for the company at a time when global refinery margins are starting to increase,” said the broker.

“We think the business is well positioned for an earnings recovery as driving volumes continue to increase and jet fuel demand gradually increases as domestic air travel rebounds.”

Morgan Stanley increased its 12-month price target on the Ampol share price to $31.70 from $30 a share.

Increasing production to meet strong demand

Another that is outperforming the market today is the Pilbara Minerals Ltd (ASX: PLS) share price.

Canaccord Genuity upgraded the Plibara share price to “buy” from “hold”, which coincided with the ASX share jumping 3.7% to $1.12 at the time of writing.

The broker’s bullish turn comes as it accesses the impact of the commissioning of the Ngungaju plant and the ramp up in full production from 2022.

Powering up

Pilbara is a lithium miner and processor. The production increase comes at a time when investors are feeling very bullish about the outlook for batteries.

“Given strong demand, we think this may result in further price pressure, as converters who are short feedstock bid prices up,” said Canaccord.

“PLS is investigating a move down the value chain by producing a midstream lithium sulphate product. This may deliver greater margins and reduce the overall hard rock supply.”

Canaccord’s 12-month price target on the Pilbara share price increased to $1.45 from $1.15 a share.

More reading

• ASX 200 up 0.6%: James Hardie Q4 update, St Barbara sinks, Nuix jumps
• South32 (ASX:S32) increases capital returns by $258m and sets climate goals
• Why the Commonwealth Bank (ASX:CBA) share price is in the spotlight today
• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 rises, Nuix drops, Elders falls

Motley Fool contributor Brendon Lau has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Spirit Technology Solutions Ltd (ASX: ST1) share price has lifted today after the company announced a positive trading update.

Spirit is an IT and telecommunications provider with a range of product and service offerings including traditional internet products, managed IT services and cloud-based business solutions. 

At the time of writing, the Spirit share price is up 2.90%, trading at 35.5 cents.

Spirit share price higher on record growth, integration

Today, the company reported “very strong growth again in FY21” with a 150% increase in recurring and S&P (solutions and projects) revenue to $35.7 million between January and April this year. Recurring revenue increased 94% year-on-year to $16.6 million, while S&P revenue growth surged 224% to $19.1 million. 

Spirit notes the strong Jan-April growth represents an 8% increase off the seasonally high September-December 2020 period. September to December was further boosted by a school infrastructure renewal project, while January typically represents a quieter B2B holiday period followed by the Easter holidays. 

On the lookout for merger and acquisition (M&A) opportunities, Spirit has acquired some 13 cloud, IT and telecommunications companies in the last two years. With so many different companies coming under the Spirit brand and business, integration represents an integral part of maximising the value of its acquisitions.

Spirit’s update highlights that 8 of 13 companies are completely integrated across people, systems, processes and brand. By June, 10 of 13 companies will be integrated with only Reliance, and recent purchases of Intalock and Nexgen remaining.

From a technology perspective, the company has decommissioned 35 of 45 systems across the acquisitions, with 29 of 45 scheduled integration events completed. 

The Spirit share price so far 

Spirit has marked 10 consecutive quarters of recurring revenue growth to March 2021 alongside numerous growth accretive acquisitions. However, the Spirit share price has stayed level since August 2020.

The company is in its early days of profitability, delivering a net profit of $508,117 in the first half of FY21. Despite the lack of recent share price upside, Spirit remains confident of achieving organic revenue growth through the integration of its acquisitions, building its product portfolio and national expansion. 

More reading

• Why the Creso Pharma (ASX:CPH) share price is on fire today
• Why the Meridian Energy (ASX:MEZ) share price is sliding
• Here’s why the Imugene (ASX:IMU) share price is jumping 5% today
• Exec jailed for ASX share market manipulation
• Here’s why the Rhythm (ASX:RHY) share price is soaring 8% today

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of SPIRIT TC FPO. The Motley Fool Australia has recommended SPIRIT TC FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Creso Pharma Ltd (ASX: CPH) share price is on fire today. Shares are up 8% at the time of writing, having earlier posted intraday gains of more than 10%.

Below we take a look at the latest product announcement from the ASX cannabis share.

What product announcement did Creso make?

Creso Pharma’s share price is surging today after the company reported it has finalised the development of its patented anibidiol-swine product. Comprised of hemp flour and oat bran, the product is intended as a complementary feedstock for pigs.

And as Creso reports, there are a lot of pigs in the world, with some 700 million animals globally and roughly 150 million in Europe alone.

The company said it will initially focus on its established animal health partners in Europe and Latin America. It expects first sales of anibidiol-swine – largely to vets, livestock feed shops and online – to commence during the second half of the 2021 calendar year.

According to the release, the swine feed market is forecast to grow to US$148 billion (AU$$189 billion) by 2027.

Commenting on the new product, Creso Commercial and Development Director, Gian Trepp said:

anibidiol-swine was developed to address the large need expressed by farmers for an effective, natural and plant based complementary feed to support the reduction of stress and swine tail biting.

The development follows considerable work undertaken by the Creso Pharma team and we are very pleased to have this product ready for launch on a global basis. We anticipate that the launch will provide access into another lucrative vertical for the company and contribute to the company’s growing revenue streams.

Atop the discomfort, tail biting can also reduce the value of pigs at slaughter.

Creso Pharma share price snapshot

Creso Pharma shareholders have enjoyed a profitable year, with shares up 131% over the past 12 months. By comparison, the All Ordinaries Index (ASX: XAO) is up 32% over that same time.

Year-to-date the Creso Pharma share price has retraced, currently down 10%.

More reading

• Creso Pharma (ASX:CPH) share price sinks 9% on update

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Meridian Energy Ltd (ASX: MEZ) share price is sliding in morning trade, down 1.4%.

Below we take a look at how New Zealand’s largest sustainable electricity generator fared in April.

What did Meridian report for April?

Meridian Energy’s share price is moving lower even though the company reported a 15.4% increase in national electricity demand compared to April 2020, when New Zealand was under strict COVID lockdowns.

Meridian, which relies heavily on hydropower, also revealed that in the month to 14 May, the somewhat depleted national hydro storage increased from 59% to 67% of its historical average.

But not all parts of its New Zealand operations gained. While hydro storage on South Island ramped up to 71% of the historical average, North Island saw water levels fall, with hydro storage sinking to 35% of the average by 14 May 2021. The company said that April was warmer and drier than average across much of the nation.

Reflecting the reopening of the country following largely successful virus suppression, Meridian reported that its April New Zealand retail sales volumes increased 36.9% year-on-year.

Breaking that down into segments, sales to small and medium-sized business (SMBs) leapt 91.7%, while large business sales increased 12.8% and corporate was up 39.9%. Agricultural sales grew strongly too, up 63.5%.

With more people returning to the office or simply out and about outside their homes, Meridian’s residential sales segment decreased 2.3% compared to April 2020.

Both its energy supply costs and the price it received for power generation climbed steeply year-on-year. Meridian reported an 87.9% increase in the price it received while its costs to supply customers shot up 88.8%.

Power generation in Australia also increased, up 23.1% from April 2020. Meridian said that came from lower levels of wind generation and more hydro generation.

Meridian Energy share price snapshot

The Meridian Energy share price remains up 11% over the past full year, trailing the 29% gains posted by the S&P/ASX 200 Index (ASX: XJO).

2021 hasn’t been as kind to shareholders.

After hitting an all-time closing high of $8.64 on 8 January, shares have fallen hard as some major institutional holders sold their stakes and retail investors digested the company’s performance. That’s seen the Meridian Energy share price fall 30% year-to-date, and sink 43% since 8 January.

More reading

• What’s been happening with ASX renewable energy shares lately?
• Why the Meridian Energy (ASX:MEZ) share price is falling

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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