NZ market down as investors press pause
The S&P/NZX 50 Index fell 34 points, or 0.3%, to 11,342.87. Turnover was a light $73.8 million and there were 51 gainers and 75 decliners on the main board.
Grant Davies, an investment adviser at Hamilton Hindin Greene said the market was quiet on Tuesday due to little company news, election uncertainty and a lull in international monetary or market-moving news, compared to last week.
In company news, existing shareholders have taken up only 26.9% of Eroad's discounted capital raising, generating $5.6m.
The transport software and hardware firm aimed to secure $50m at 70 cents per share, with $11.6m from institutional placements and the rest from shareholders via a 1 for 2.06 entitlement offer.
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