Regulation jitters spook overseas Chorus investors

Overseas investors are jettisoning Chorus shares over government regulation jitters.

Craigs Investment Partners head of institutional equities Geoff Zame says in today's print edition of The National Business Review offshore shareholders accounted for the majority sold after this week's Commerce Commission pricing draft decision announcement.

"It doesn't reflect well on New Zealand's capital markets."

Chorus shares (NZX: CNU) have recovered in recent days, but still sit below their debut value of $2.94 when it was spun out from Telecom last November.

Meanwhile, business editor Duncan Bridgeman details how a fraud inquiry involving the former shareholders of milk processor NZ Dairies, and involving members of Russia's elite, could prove embarrassing to the Overseas Investment Office.

Elsewhere in the National Business Review print edition, columnist Matthew Hooton argues John Key is toast unless Winston Peters wins back some left-leaning voters and supports National.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7188 0.0097 1.37%
AUD 0.9481 0.0043 0.46%
EUR 0.6451 0.0056 0.88%
GBP 0.5452 0.0062 1.15%
HKD 5.5895 0.0907 1.65%
JPY 73.1040 -1.1170 -1.50%

Commods

Commodity Price Change Time
Gold Index 1349.0 14.630 2016-07-29T00:
Oil Brent 43.5 -0.690 2016-07-29T00:
Oil Nymex 41.6 0.430 2016-07-29T00:
Silver Index 20.3 0.118 2016-07-29T00:

Indices

Symbol Open High Last %
NZX 50 7306.4 7357.7 7306.4 0.57%
NASDAQ 5162.1 5175.8 5155.0 0.14%
DAX 10320.8 10355.3 10274.9 0.61%
DJI 18442.5 18466.5 18456.3 -0.13%
FTSE 6721.1 6740.5 6721.1 0.05%
HKSE 22056.0 22152.8 22174.3 -1.28%
NI225 16359.7 16679.2 16476.8 0.56%
ASX 5556.6 5570.4 5556.6 0.10%