Healthy premium likely for energy company Vector

All eyes will be on today's sharemarket debut of Vector, the Auckland-based energy network company. In the biggest initial public offer since Contact was privatised in 1999, Vector has raised $592 million from new investors.

Shares are spread very thinly, with 49,000 new investors. The high share price of Vector takeover target NGC has pointed to a market expectation of the new stock debuting at a healthy premium to its issue price.

With Powerco recently taken over and delisted, and the impending de-listing of NGC, Vector will be one of the few energy companies listed on the New Zealand exchange.

Contact Energy announces its annual result on Wednesday, but the figures given will be for the eight months to June 30.

Contact last year changed its balance date to match that of its new 51 per cent owner, the Australian company Origin. Formerly owned by the US energy company Edison Mission, Contact used to report to the end of September.

Steel and Tube, Skellmax and Nuplex also open their books this week.