NZ shares slip as investors sell yield stocks

The S&P/NZX 50 Index fell 18 points, or 0.1%, to 13,086.6. Turnover was $125 million.

Analysis by Forsyth Barr today showed economically sensitive stocks had climbed 5% last month, dramatically outperforming the index.

“Cyclicals provided a strong bounce during the month of September as the overall market benchmark index took a pause, returning just 0.4%,” they said in a note.

A cyclical stock is one where the price is affected by macroeconomic changes. Usually, because it provides products or services which are bought more during a booming economy and less during a recession.