High bond yields rout equity market

Mon, 22 Feb 2021

Rising bond yields and the strong kiwi dollar continued to drag equity valuations down despite fairly upbeat earnings results from Freightways and Heartland Bank. The S&P/NZX 50 Index fell 122.39 points, or 1%, to 12,426.24. Within the index, 29 stocks fell, 13 rose and eight were unchanged. Turnover was $175.2 million.Stocks in the benchmark index have fallen more than 5% this month as the yield on government bonds has exploded. Today, a 10-year government bond has a yield of 1.7% up from 1.1% a month ago.This has led to a revaluatio...

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