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Continuous Disclosure: What s in a share sale or purchase by management?
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Market close: NZ sharemarket rises on interest rates fall, travel bubble hopes
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However, rising yields remained a big factor and would continue to dominate sharemarkets through the year, Main said. As inflation rises, interest rates go up, giving investors an alternative to stocks as returns from money in the bank also rise. The market was not being decimated, “but we’re seeing some of the cream come off”, he said.
LAWRENCE SMITH/Stuff
The New Zealand sharemarket clawed back most of Monday’s losses with a 3.4 per cent jump in the price of Fisher & Paykel Healthcare, to $28.29 a share. The big challenge for investment markets this year was the stand-off between central banks, which expected inflation to rise but believed it would be temporary, and investors, who believed inflation would continue to rise and central banks would be caught out unless they moved to stop it.
Market close: Property stocks tumble as bond yields rise
9 Mar, 2021 04:36 AM
4 minutes to read
NZ Herald
By: Graham Skellern
The interest rate sensitive property stocks tumbled on the back of rising bond yields but overall the New Zealand sharemarket steadied itself from recent falls and went the other way. The S&P/NZX 50 Index gained significantly in late trading, closing 59.96 points or 0.5 per cent ahead at 12,145.15 after reaching an intraday low of 12,057.9. There were 73 gainers and 68 decliners over the whole market with 66 million shares worth $211.2 million changing hands.
Matt Goodson, managing director of Salt Funds Management, said the market has a flighty and heavy feel about it. You are getting 3/4/5 per cent price movements for no obvious reason.
The market overall closed down 0.8 per cent. Frances Sweetman, a senior analyst at Milford Asset Management, which invested in the listing, said markets had been very weak since investors submitted their bids and the My Food Bag price was set. “Listing into such a weak market as it was on Friday, it’s not surprising. It’s always more difficult with new listings. Investors were nervous about how the company will respond to broader market weakness because we don’t have the track record to rely on. You would expect new listings to underperform the broader market.” The New Zealand sharemarket is now down about 10 per cent from January.
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