The resulting rise in bond yields has also upset a rally in the stock market, with the S&P 500 losing 2.7 per cent in the past week.
Here at home, investors liked what they saw in Michael Hill’s first-half results, which showed positive revenue growth.
Peter McIntyre, an investment advisor at Craigs Investment Partners, said Michael Hill’s results had been strong – but expected – due to the retailer giving the market a good heads up about its earnings earlier in the month.
“A good result but no surprises,” he told BusinessDesk.
Michael Hill ended the day up 5.5 per cent to $1.16.
However, some heavyweight stocks pulled down the market, with healthcare manufacturer Ebos Group falling 0.4 per cent to $44.92 and Fisher & Paykel Healthcare down 1.8 per cent to $25.84.
Ryman Healthcare also fell 3 per cent to $5.24.
Summerset Holdings was down 4.3 per cent to $9.28 after the announcement of Fiona Oliver joining the retirement village operator’s board today. Summerset also launched an up to $175m offer of six-year retail bonds.
Verification software provider Trade Window fell 2.4 per cent to 40 cents. The company is reviewing its research and development costs and seeking new sources of capital after failing to raise its targeted $20m – instead only reaching $5.4m.
The company intended to use the funds to operate the company for the next two years, given that it was spending around $959,000 a month to pursue a software-as-a-service model.
Kiwi Property Group was down 2.7 per cent to 90.5 cents. The company announced the founder and current chair of its Environmental, Social and Governance (ESG) committee Mark Powell is leaving his role from May.
Energy retailer Genesis Energy also reported its half-year earnings, finding wet weather had helped boost its hydro generation and profit as the need to fire up the more expensive Huntly coal and gas generation was reduced. The company revealed first-half ebitdaf of $298m, an increase of 42 per cent from $210m in the previous comparative period.
Genesis Energy shares fell 0.7 per cent to $2.83.
The New Zealand dollar was trading at 61.67 US cents at 3pm in Wellington, dipping from 62.37 cents on Friday.