Energy stocks fall as Contact raises capital

The S&P/NZX 50 Index declined 79.1 points, or 0.6 percent, to 12,510.56. Within the index, 33 stocks fell, 9 rose and eight were unchanged. Turnover was $97.7 million, lighter than usual.

Contact Energy was placed in a trading halt at $7.20 prior to the market opening, when it announced it would seek to raise $325 million in an underwritten placement to institutions and $75 million via a retail offer.

The placement will be $7 a share, and the retail offer at the lower of either $7 or a 2.5 percent discount to the five-day volume weighted trading average.