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

Thu, 07 Apr 2022

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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