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...

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