Ryman drags down NZ stock market

The S&P/NZX 50 Index fell 0.17% to 11,294.52. Turnover across the main board was $146.3 million.

Greg Smith, head of retail at Devon Funds, told BusinessDesk there was a lot of anticipation about the RBNZ's decision tomorrow, which could be why market activity was subdued today.

Ryman Healthcare fell 7.1% to $6.91, significantly dragging down the index today, with Smith noting that the company's share price hadn’t been this low since September 2013.

Smith said the aged-care provider’s first-half results released last Friday were “broadly in line” with expectations, but the market was still disappointed with Ryman’s debt levels and property market weakness, which was why the stock had fallen by so much since then.