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.