NZ shares fall as Ryman completes capital raise bookbuild

The S&P/NZX 50 Index fell 248 points, or 2.1%, to 11,896.05. Turnover was $121 million.

Ryman Healthcare drove much of the market weakness on Monday, as it completed the institutional component of its $902 million rights issue.

Shares in the retirement village operator finished down 4.6% at $5.75, well below the $6 offer price, and traded as low as $5.60 during the day.

Peter McIntyre, an investment advisor at Craigs Investment Partners, said some of his clients had been unhappy with aspects of the company’s management.