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.

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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7977 0.0012 0.15%
AUD 0.9075 -0.0005 -0.06%
EUR 0.6268 0.0003 0.05%
GBP 0.4948 0.0005 0.10%
HKD 6.1875 0.0094 0.15%
JPY 85.2720 0.0330 0.04%

Commods

Commodity Price Change Time
Gold Index 1248.5 4.340 2014-10-21T00:
Oil Brent 86.2 0.820 2014-10-21T00:
Oil Nymex 82.5 -0.260 2014-10-21T00:
Silver Index 17.5 0.190 2014-10-21T00:

Indices

Symbol Open High Last %
NZX 50 5233.1 5284.3 5233.1 0.89%
NASDAQ 4359.2 4419.5 4316.1 2.40%
DAX 8693.1 8889.8 8717.8 1.94%
DJI 16406.0 16620.8 16399.7 1.31%
FTSE 6267.1 6372.3 6267.1 1.68%
HKSE 23300.5 23460.8 23088.6 1.06%
NI225 15038.2 15188.1 14804.3 2.59%