Mainfreight holds the line as bond yields jump

A majority of NZX-listed stocks fell with the high-interest rates eating into equity valuations, but a strong earnings result from Mainfreight kept the index fairly flat.

The S&P/NZX 50 Index rose 4 points, virtually 0%, to 13,026.91. Turnover was $138 million.

The US consumer price index shocked the market with another spike bringing the annual increase up to 6.2% – the highest level in roughly 30 years.

Bond traders responded by betting the US federal reserve will have to tighten monetary policy much sooner than it had planned and push market interest rates higher.