NZ shares fall; ComCom's early fibre views knock Chorus
The S&P/NZX 50 Index decreased 18.06 points, or 0.2 percent, to 10,216.09. Within the index, 23 stocks fell, 21 rose, and six were unchanged. Turnover was $120.1 million.
Chorus dropped 5.8 percent to $5.87 on a volume of 690,000 shares, more than its 90-day average of 526,000. The network operator has gained 45 percent over the past 12 months, the third-best performance on the NZX50, supported by a new regulatory regime seen as giving it greater scope to pay more in dividends.
Its 2028 bonds paying annual interest of 4.35 percent were the most traded debt security today. They closed at an unchanged yield of 3.4 percent on a volume of 1 million notes.
The Commerce Commission today issued several papers seeking feedback on the new regime for fibre networks, including its current thinking on key issues such as the cost of capital and what's included in Chorus's regulated asset base.
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