NZX50 sinks to lowest point for 2023

Rising interest rates drag equities down. (Image: Getty)

Fri, 20 Oct 2023

New Zealand stocks buckled under the weight of rising bond yields, taking the market to its lowest point for the year to date.By the close, the S&P/NZX50 index was at 10,994.08, down 141.505 points or 1.27%.Turnover was $115.1 million, with 94 falls and 33 rises among the 185 stocks traded on the main board.The index is now 2,564 points, or 19%, down from its record close, set on Jan 8, 2020, of 13,558.19.Comments from US Federal Reserve Chairman Jerome Powell to the effect that persistently high US inflation and tight labour markets could...

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