The NZ equity market enjoyed another positive day on Wednesday, up 0.3% to 8,620. The retirement sector was the stand out with Ryman Healthcare (+3.1% to $10.99), Metlifecare (+1.9% to $5.91) and Summerset (+1.6% to $7.18) leading the index up. The Agriculture Minister, Damien O’Connor, has released the terms of reference for a review of the Dairy Industry Restructuring Act (DIRA), which enabled the creation of Fonterra in 2001. It is expected to lead to legislative changes next year. Some of the areas of focus include the DIRA open entry and exit provisions, Fonterra’s milk price-setting processes and Fonterra’s co-operative structure to name a few. Fonterra’s unit price fell 0.4% to $5.73 and Synlait Milk was down 0.2% to $10.15. It’s a busy day tomorrow with the Minister of Finance’s pre-budget speech and the RBNZ’s Monetary Policy Statement.