tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Get your tickets to the Mindful Money ethical investment awards CLICK HERE Dismiss
Last Article Uploaded: Sunday, June 26th, 6:01PM

Investments

rss
The Markets

NZ shares stabilise as US Fed meets

New Zealand shares found a steady footing on Wednesday after two days of dramatic declines and ahead of central bankers in the United States meeting to decide rate increases.

Wednesday, June 15th 2022, 6:05PM

by BusinessDesk

The S&P/NZX 50 Index fell just 5 points, effectively 0%, to 10,635.92. Turnover was below average at $125.6 million.

Bond yields across the curve continued to find new highs, with the NZ 2-year government bond now at its highest level since 2009 and on track to joining the 10-year and 5-year above 4%.

This upward move follows a global trend after hot US inflation data released on Friday has caused investors to bet the US Federal Reserve will hike interest rates by 75 basis points.

BNZ Research said there was now “a good chance” the Reserve Bank of NZ would do the same when it meets next month.

Investors are waiting to see what happens at the Fed meeting overnight, having already rushed to sell stocks early this week expecting the bankers would emerge with an aggressive rate hike.

Higher interest rates have not just been hitting stocks, but also the kiwi dollar, which has fallen more than 3.4% in five days and touched a 2-year low at 62 US cents.

It was trading at 62.37 US cents by 3pm in Wellington, down from 62.59 cents yesterday. The trade-weighted index was at 70.53, from 70.82 yesterday.

Despite the benchmark equity index staying steady, there were some significant falls among the stocks within it. 

Manawa Energy had the biggest fall, dropping 4% to $6.05, while Vista Group and Tourism Holdings each fell 3% to $1.55 and $2.55, respectively.

Ryman Healthcare declined 2.9% to $8.40, Fletcher Building was down 2.8% at $4.80, and Pacific Edge was off 2.8% at 70 cents.

On the other hand, fruit exporter Scales Corporation climbed 4.8% to $4.40 ­– likely benefiting from the weaker local currency.

Global logistics firm Mainfreight also rose 2.3% to $71.80 and Air NZ was up 0.9% at 55.5 cents. Spark NZ, which fell in recent days but is generally considered defensive, climbed 2.4% to $4.64.

Tags: Market Close

« Bear market territory causes benchmark index to plummet almost 3%NZ share market climbs as US Federal Reserve hikes interest rates »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

AM Update - Your morning business news update

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.95 4.85 5.35 5.65
ANZ 5.94 ▲5.95 ▲6.40 ▲6.59
ANZ Blueprint to Build - - - -
ANZ Special - ▲5.35 ▲5.80 ▲5.99
ASB Bank 5.85 ▲5.35 ▲5.80 ▲5.99
Avanti Finance 5.95 - - -
Basecorp Finance 6.95 - - -
Bluestone 5.89 7.49 8.09 8.19
BNZ - Classic - ▲5.35 ▲5.69 ▲5.99
BNZ - Mortgage One 5.94 - - -
BNZ - Rapid Repay 5.94 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.94 ▲5.95 ▲6.29 ▲6.59
BNZ - TotalMoney 5.94 - - -
CFML Loans 6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Co-operative Bank - First Home Special - ▲4.75 - -
Co-operative Bank - Owner Occ 5.85 ▲4.85 ▲5.35 ▲5.65
Co-operative Bank - Standard 5.85 ▲5.35 ▲5.85 ▲6.15
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.95 5.45 -
Heartland Bank - Online 4.10 ▲4.40 ▲4.90 ▲5.10
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.10 5.00 5.75 -
HSBC Premier 5.89 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.25 4.39 5.09 5.45
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 5.50 5.85 6.19 6.39
Kiwibank - Offset 5.50 - - -
Kiwibank Special 5.00 4.85 5.19 5.39
Liberty 4.84 - - -
Lender Flt 1yr 2yr 3yr
Nelson Building Society 6.45 ▲5.55 ▲6.15 -
Pepper Money 4.49 - - -
Resimac 6.19 5.60 6.16 6.29
SBS Bank 5.79 5.05 5.69 5.89
SBS Bank Special - 4.55 5.19 5.39
Select Home Loans 4.09 4.29 4.86 5.09
TSB Bank 5.59 5.14 5.79 6.15
TSB Special 4.79 4.34 4.99 5.35
Unity 5.65 4.95 5.55 -
Wairarapa Building Society 5.74 4.95 5.75 -
Westpac 5.94 ▲5.95 ▲6.29 ▲6.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.94 - - -
Westpac Special - ▲5.35 ▲5.69 ▲5.99
Median 5.85 5.00 5.69 5.99

Last updated: 23 June 2022 9:02am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com