New Zealand’s S&P/NZX 50 index snapped two weeks of gains as rate-sensitive stocks including Serko, Ryman Healthcare and Summerset Group Holdings came under pressure amid whippy bond markets, while Hallenstein Glasson Holdings’ strong earnings saw it deliver a double-digit gain this week.

The NZX 50 ended the week on a down note, with elevated oil prices weighing on the likes of Serko and Air New Zealand as the US prepares to deploy more troops in the Middle East after President Donald Trump said Iran could face more attacks after the midterm elections in November.

Port of Tauranga weighed on the local benchmark on Friday after an appeal was lodged against the maritime hub’s Stella Passage project.

And ANZ Group Holdings is ending its decades-long relationship with KPMG as it seeks a new auditor to start in the 2029 financial year.

Red vision

The NZX 50 dropped 130.02 points, or 0.9%, to 13,680.49 on Friday, taking its weekly slide to 1%.

Serko posted the sharpest decline for the week, down 8.3%, while Ryman dropped 7.7% and Summerset fell 6.3%. Among the top 50 stocks, five fell by 5% or more.

Meanwhile, Hallenstein Glasson Holdings surged 14% this week after reporting a 50% lift in annual profit and signalling a robust start to the new financial year, while Fonterra Shareholders’ Fund units climbed 6.6% in its seventh straight weekly gain.

Within the index on Friday trading, 38 stocks declined, 10 gained, and two were unchanged. The S&P/NZX 20 index futures contract for December slipped 0.1% to 7,597, with 50 lots traded for a value of $380,000, while the NZX 20 sank 1% to 7,503.07.

Turnover across the main board was $144.1 million, of which Fisher & Paykel Healthcare accounted for $23.1 million as the medical devices firm slipped 1% to $45.99, while Auckland International Airport declined 1% to $8.34 on a turnover of $18.6 million.

Stock markets across Asia were mixed as Australia’s S&P/ASX 200 index gained 0.5%, while Japan’s Nikkei 225 dropped 0.8% and Hong Kong’s Hang Seng sank 2.6%, with bonds recovering across the region after a sharp reversal overnight.

“It has been another challenging week in global bond markets, with long-end yields rising to multi-decade highs across major markets,” ANZ economists said in a note. “Notable developments include the yield on the US 10-year treasury bond rising to its highest level since 2002, the yield on the UK 30-year gilt topping 6% for the first time since 1998, and the spread between German and French 10-year bonds rising to levels not seen since the European sovereign debt crisis in 2011.”

The yield on New Zealand’s 10-year government bond fell 5 basis points to 5.06% at 5pm in Auckland, compared to its US and Australian equivalents at 5.36% and 5.25% respectively. The kiwi dollar traded at 56.12 US cents from 56.20 cents yesterday and 80.90 Australian cents from 80.92 cents.

Port of Tauranga was a drag on the local index as it dropped 4.4% to $8.05 after the maritime hub said its Stella Passage consent to extend its facilities and capacity faced an appeal and judicial review by local tangata whenua.

Brent crude oil futures remained elevated at US$102.31 a barrel, weighing on travel companies, with Serko posting the biggest slide on the day as it dropped 6.2% to $1.22 and Air New Zealand fell 4.9% to 39 cents.

Channel Infrastructure rose 2.3% to $3.58 after Z Energy said New Zealand fuel stocks were at their highest level since the Middle East conflict broke out.

Super retailing

Hallenstein Glasson posted the biggest gain on the day, up 2.4% at $15.10, after the ANZ-Roy Morgan consumer confidence survey showed households grew less pessimistic about making big-ticket purchases in September.

Briscoe Group dipped 0.2% to $4.37 and KMD Brands fell 2.1% to $1.86.

Dual-listed lender ANZ Group Holdings slipped 0.3% to $46.15 after the bank said it would end its 57-year audit relationship with KPMG and put the contract out to tender, with the new appointee expected to start in the 2029 financial year.

Heartland Group Holdings fell 2.3% to $1.25 after the financial services firm said Heartland Bank chief Leanne Lazarus would lead the TSB Heartland Bank if the proposed $620 million merger was completed.

Spark New Zealand was the most heavily traded stock on the day on a volume of 3.7 million shares, as it decreased 1% to $1.955.

Outside the benchmark, TruScreen Group declined 7.1%, or 0.1 of a cent, to 1.3 cents after the cervical cancer screening firm said chief executive Martin Dillon would leave the company at the end of October, due to personal reasons after the recent loss of his spouse. Tony Ho would assume responsibilities as executive chair while the firm recruits for a new chief.

South Port New Zealand slipped 0.4% to $8.50 after the Southland Regional Council sold down its stake of the hub. Accident Compensation Corp’s investment arm emerged with a 7.2% holding of the port operator.

Winton Land rose 0.4% to $1.15 after filings to the stock exchange showed new chair Michael Stiassny bought more than 245,000 shares at an average price of almost $1.14 a share.

And Steel & Tube Holdings jumped 12% to 33 cents.

Reporting by Paul McBeth.