Earnings of high carbon-emitting businesses could drop by up to 10% if they do not cut their greenhouse gases before an emissions trading scheme starts, with moderately sized companies such as OneSteel and PaperlinX in the gun.
An analysis of large energy, utilities and materials companies on the S&P ASX 200 by research firm RepuTex shows that moderate-to-large companies are most at risk, with the materials sector particularly exposed.
Hugh Grossman, RepuTex head of research, said 32% of the top 25 stocks in those three sectors could expect a loss of more than 5% on earnings.
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