NZX50 drops after AIA capital raise completed

The S&P/NZX 50 Index was solid in the morning but then dipped in the afternoon to close at 12,671.95, down 32.44 points or 0.26%.

There were 55 gainers and 70 decliners on the main board with 37.66 million shares worth $173.18m changing hands.

The volumes were dominated by Fisher and Paykel Healthcare, declining 37c to $38.03, and Auckland International Airport, down 3c to $7.51, on trades worth $36.6m and $30.76m respectively.

Auckland airport resumed trading following the completion of its $1.2 billion institutional placement at $6.95 a share. The airport company will be raising a further $200m through a retail offer to shareholders.