Market Close: Electricity stocks fall as interest rates climb

Tue, 16 Nov 2021

Energy utilities helped edge the New Zealand sharemarket lower as market interest rates climb and devalue dividend-focused stocks.The S&P/NZX 50 Index fell 62 points, or 0.5%, to 12902.71. Turnover was $134 million.Three of the top five decliners on the index today were electricity generators, which are often bought by investors as they provide a steady dividend yield.However, higher yields on government bonds have been reducing what the market is willing to pay for stocks that carry more risk than a bond.Mercury NZ, which fell 2.8% to $5.9...

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