International tension, high bond yields drives stocks lower

A worsening geopolitical environment weighed on stocks. (Image: Getty)

Thu, 19 Oct 2023

A worsening geopolitical situation and the continued march higher of bond yields drove New Zealand stocks lower across the board.By the close, the S&P/NZX50 index was at 11,135.58, down 85.90 points or 0.77%, but off its lows for the day.Turnover, worth $64.84 million, was light, with 95 falls and 38 rises among the 185 stocks traded.Jeremy Sullivan, investment advisor Hamilton Hindin Greene, the deteriorating situation in the Middle East was taking its toll on sentiment, as were sharply higher bond yields in the US and locally.“There...

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