MARKET CLOSE: NZ shares sink; rising rates sap demand for yield stocks

Wed, 11 Sep 2019

By Paul McBeth Sept. 11 (BusinessDesk) - New Zealand shares dropped to a one-week low as higher interest rates reduced demand for reliable dividends from the likes of Meridian Energy and Spark New Zealand. The S&P/NZX 50 Index fell 217.7 points, or 2 percent, to 10,924.88. Within the index, 36 stocks dropped, nine rose, and five were unchanged. Turnover was $176.6 million. The local market was the worst performer across Asia-Pacific as bond yields followed US Treasuries higher. New Zealand's 10-year swap rate at 1.37 percent has clim...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

Shareholder challenges NZX to 'reinvigorate' capital markets

Investors should have more options, he said.

Gregor Thompson 3:05pm

Primary Sector

Bega Group to Fonterra: Let us bid

Billionaire Twiggy Forrest is the largest shareholder of the Aussie dairy company.

Riley Kennedy 2:45pm

Markets

NYSE-listed Arthur J. Gallagher buys First Capital

Arthur J Gallagher previously acquired RMA General in March this year.

John Anthony 10:15am

NYSE-listed Arthur J. Gallagher buys First Capital

Sponsored

“Not an invisible footprint”: Why technology supply chains need optimising

Outdated hardware is a supply chain and cost risk.

Datacom

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

More Markets

Markets

Shareholder challenges NZX to 'reinvigorate' capital markets

Investors should have more options, he said.

Gregor Thompson 3:05pm

Primary Sector

Bega Group to Fonterra: Let us bid

Billionaire Twiggy Forrest is the largest shareholder of the Aussie dairy company.

Riley Kennedy 2:45pm

Retail

Online sales drive Woolworths NZ Q3 sales growth

Increasing customer preferences towards online purchasing are helping Woolworths boost New Zealand sales.The Australian grocery retailer told the Australian Securities Exchange (ASX) on Thursday that total NZ sales increased 4.8% to $2.19 billion in the three months to April 6, c...

Staff reporters 12:45pm

Markets

NYSE-listed Arthur J. Gallagher buys First Capital

Arthur J Gallagher previously acquired RMA General in March this year.

John Anthony 10:15am

MARKET CLOSE: NZ shares sink; rising rates sap demand for yield stocks

More Markets

Your company has a subscription

Team