Contact leads NZX50 to five-month low in holiday trading across Asia
Contact Energy led the S&P/NZX 50 index lower as the power company resumed trading after raising $450 million in a discounted placement to institutional investors, with a $75 million retail offering still to come.
Trading across Asia was light with the Lunar New Year keeping markets closed in China, Singapore and Hong Kong, although BHP drove Australia’s S&P/ASX 200 index higher as its pivot to copper paid off.
Local interest rate sensitive companies, such as the commercial landlords were mixed ahead of the Reserve Bank’s policy review on Wednesday, which is expected to keep the benchmark rate unchanged, even as swaps dipped on smaller price declines in Statistics New Zealand’s monthly partial inflation reading.
Meanwhile, stock market operator NZX and retirement village operators Summerset Group Holdings, Oceania Healthcare and Ryman Healthcare were all weaker amid reports Metlifecare might be considering a return to the local exchange.
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