NZ shares seesaw and investors buy bonds

The S&P/NZX 50 Index fell 110 points, or 0.9%, to 12,088.75. Turnover was $165 million.

Michael McCarthy, chief strategy officer at Tiger Brokers Australia, said investors were reacting to the uncertainty created by the conflict between Russia and Ukraine.

The disruption within the two commodity-producing nations will add to inflationary pressures and sanctions are likely to slow European growth.

“Despite these obvious pressures, some investors are clinging to hopes that the outbreak of war will see central banks maintain lower rates for longer,” McCarthy said.