Sleepy Joe causes a power surge

The last two months have been a wild ride for the share prices of two New Zealand electricity companies, Meridian Energy and Contact Energy. Over recent weeks the GameStop saga (see last week’s Focus article) captured global headlines of how a band of Redditors took on short seller hedge funds, causing wild swings in some companies’ share prices. Closer to home, the case of Meridian and Contact presents another way stock prices can diverge from underlying value.