NZ shares rise as bond yields ease
The S&P/NZX 50 Index rose 106.75 points, or 0.9%, to 12,251.9. Within the index, 25 stocks rose, 20 fell, and five were unchanged. Turnover was $168 million.
Peter McIntyre, an investment advisor at Craigs Investment Partners, said the rising long term bond yields had been causing “havoc” and prompting rotation away from high priced stocks.
Today, the yield on a 10-year government bond fell to 1.8% having been sitting well over 1.9% in recent days.
Air New Zealand led the market higher, climbing 3.5% to $1.645, followed by Contact Energy which was up 3.2% at $7.07.
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