Shares rise as bond yields surge

Shares rise as bond yields surge
Dan Brunskill
New Zealand's sharemarket gained on Tuesday as a selloff in bond markets pushed yields to multi-year highs.The S&P/NZX 50 Index rose 27 points, or 0.2%, to 12,204.69. Turnover was $155 million.NZ government bond yields leapt to a six-year high, following the US bond market which jumped after the US Federal Reserve chair warned monetary policy could be tightened to a restrictive level.Mary Jo Vergara, an economist at Kiwibank, said the key message had been that more aggressive rate hikes could be on the cards after they began raising rat...

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