Equities dip as interest rates creep higher

The S&P/NZX 50 Index fell 52.75 points, or 0.4 percent, to 13,044.5. Within the index, 29 stocks fell, 17 rose and four were unchanged. Turnover was $140.37 million.

In other regions, equity markets bounced back overnight having fallen last week during the GameStop saga. Key indices in the US were up roughly 2 percent, while markets in Europe and Asia were also up more than 1 percent.

The Reserve Bank of Australia kept its cash rate on hold at 0.1 percent until 2024, meeting market expectations. It also decided to purchase an additional A$100 billion of bonds.