Shane Solly, portfolio manager with Harbour Asset Management, said markets were feeling bruised and battered and New Zealand was not immune.
"There is some data coming out that inflation is peaking, and markets do recover but it does take time. Everyone has a clear view of what the central banks are doing – there is a massive re-set of interest rates – and this has dampened market sentiment.
"With the cost of living and interest rates going up, the discretionary consumer stocks were weak," said Solly.
"In Australia Wesfarmers which owns Bunnings (down 4.3 per cent), Domino's Pizza (5.12 per cent), the casino and travel stocks were all softer."
The US 10 Year Treasury Note yield increased 0.18 per cent to 3.715 per cent, and the NZ dollar weakened further. It was A88.10c against the Australian dollar, a five-year low, and US58.26c against the American dollar, falling from a day's high of US58.57c.
Amongst the local consumer stocks, a2 Milk fell 29c or 4.62 per cent to $5.99; Fisher and Paykel Healthcare was down 46c or 2.35 per cent to $19.10; and Briscoe Group declined 7c to $5.32.
KMD Brands and Michael Hill bucked the trend, rising 3c or 2.91 per cent to $1.06 and also 3c or 2.4 per cent to $1.28 respectively.
Spark was down 12c or 2.3 per cent to $5.09; Ebos Group declined 50c to $38.05; Fletcher Building decreased 10c or 1.9 per cent to $5.16; and Delegat Group shed 15c to $10.80.
Among the energy stocks, Mercury was down 9.5c to $5.905; Genesis declined 5.5c or 1.87 per cent to $2.89; and Manawa was up 7c to $5.93.
Turners Automotive shed 7c or 1.9 per cent to $3.61; Plexure Group fell 3.5c or 9.09 per cent to 35c; Accordant Group was down 4c or 2.15 per cent to $1.82; and Heartland Group declined 4c or 2.22 per cent to $1.76.
Auckland International Airport gained 5c to $7.62 on trade worth $10.96m; Summerset Group increased 9c to $10.79; Skellerup Holdings was up 11c or 2.01 per cent to $5.59; Freightways added 14c to $10.20; and Port of Tauranga rose 19c or 2.97 per cent to $6.59.
T&G Global gained 10c or 3.85 per cent to $2.70; Scales Corporation rose 20c or 4.17 per cent to $5; Gentrack increased 5c or 3.57 per cent to $1.45; Seeka added 10c or 2.53 per cent to $4.05; and Trade Window was up 3c or 4.69 per cent to 67c.
Tourism Holdings increased 10c or 3.77 per cent to $2.75 after receiving backing from the New Zealand Commerce Commission for its merger with Australian Tourism & Leisure. The merger still needs the support of the Australian Competition and Consumer Commission.
The commerce commission clearance followed an agreement by Tourism Holdings and Apollo to sell $45m worth of assets to Jucy Group. The assets include 110 four- to six-berth motorhomes from Apollo's rental fleet in New Zealand and 200 four- to six-berths from the Australian fleet; Apollo's Star RV motorhome brand; and property leases for surplus Apollo rental depots in Auckland, Perth, Alice Springs, Darwin and Hobart.
Sky TV, up 8c 3.02 per cent to $2.29, has received court approval to put its $70m capital return plan to shareholders at the special meeting on November 2. One in every six shares will be cancelled and shareholders will receive 40c for each share cancelled.
Vulcan Steel, down 10c to $8.20, has made the third payment for the purchase of Ullrich Aluminium but the final payment will be adjusted since Ullrich's net tangible assets of $127.75m were $3.25m lower than stated in the agreement.
Online personal lender Harmoney, up 1c to 79c, is delisting from the NZX on October 28 and concentrating on the Australian market because low trading volumes are spread between both exchanges. Harmoney has 341 New Zealand shareholders holding 6.45 per cent.
