NZX50 drops more than 1% as bond yields rise

Warehouse Group's fall in profits helped pushed the market lower. (Image: Depositphotos)

Thu, 28 Sep 2023

A two-thirds drop in The Warehouse’s annual net profit and rising bond yields helped drag the New Zealand sharemarket lower.The S&P/NZX50 Index dropped by 141.5 points or 1.25% to 11,178.03 on turnover worth $113.5 million. There were 55 rises and 77 falls on the main board.The Warehouse’s shares fell by 2c to $1.73 after the company announced that its annual net profit had dropped by 66.6% to $29.8m.Devon Funds' head of retail, Greg Smith, said the result highlighted a dichotomy in the retail scene between essential and dis...

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