Shares flat as bond yields push higher

Shares flat as bond yields push higher
Pushpay Holdings took a big tumble – down 5.2% to $1.10 – despite there being no market news on the stock. (Image: Supplied)
Dan Brunskill
New Zealand’s benchmark equity index was flat on Thursday, but there were some large moves lurking under the surface with bond yields continuing to climb.The S&P/NZX 50 Index fell just 3 points to 12,075.91. Turnover was $188 million.Air NZ's ordinary shares had by far the largest fall on the index, dropping 8.1% to 79 cents and bringing them closer to the value of Air NZ rights which closed down just 2% at 50.9c.The rights had been trading at a deep discount to ordinary shares over the past two days, but that gap closed through T...

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