Blackrock Investment Management, the world’s largest asset manager, has reduced its stake in oil and gas exploration company Providence Resources.

The investment manager appears to have taken advantage of Providence’s soaring share price to sell down its holding and realise some profits.

Blackrock, which has some $3.5 trillion in assets under management, has reduced its holding from 11.1 per cent down to 10.8 per cent, but remains the second largest shareholder in the listed business.