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Market close: Property stocks tumble as bond yields rise

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.

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