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NZ shares drop, Heartland and Ryman fall

NZ Newswire logoNZ Newswire 13/12/2016 Sophie Boot
NZX in Auckland, New Zealand. © Shutterstock NZX in Auckland, New Zealand.

New Zealand shares continued to drift with Heartland Bank and Ryman Healthcare dropping, while Tower and Kiwi Property Group gained.

The S&P/NZX50 Index dropped 25.84 points, or 0.4 per cent, to 6,850.2. Within the index 28 stocks fell, 18 rose and five were unchanged. Turnover was $135.4 million.

Heartland Bank fell 1.3 per cent to $1.51. The stock's trading halt has been lifted after the bank raised $20m from institutional investors at $1.46 per share, a 4.6 per cent discount to the last trading price.

A share purchase plan, which will offer New Zealand-resident shareholders up to $15,000 worth of shares each, will be finalised after February next year, the bank said, with funds raised to help maintain the lender's capital ratio after a period of strong credit expansion and support its digital strategy.

"It has gone very very well, they've managed to raise $20m and the stock's only two cents off so it shows you there was very good demand for the stock," Smalley said.

Ryman Healthcare was the worst performer, down 2.2 per cent to $8.33, while Freightways dropped 2.2 per cent to $6.80 and Metro Performance Glass fell 2 per cent to $1.93.

Orion Health Group dipped 0.5 per cent to $2.14, ending a run of gains after it hit a record low $1.65 on Thursday.

Tower rose 1.2 per cent to 86.5 cents. It has gained 24.5 per cent since hitting a record low 69.5 cents at the end of November, when it said it will separate its liabilities and receivables from the Canterbury earthquakes into a separate 'bad bank' structure and "aggressively pursue" recoveries from the EQC and reinsurer Peak Re that amount to about $101 million.

Property for Industry was the best performer, up 1.3 per cent to $1.57, and Vital Healthcare Property Trust gained 1.3 per cent to $2.025.

Kiwi Property Group rose 0.7 per cent to $1.37.

NPT shares last traded at 65 cents, down 3.7 per cent this year, while Augusta shares gained 1 per cent to $1.02, and were up 1 per cent this year. Both shares trade outside the NZX50.

Also outside the main index, OceanaGold Corp advanced 2.3 per cent to $3.99.

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