Today\u2019s trade was set against another flare-up in the US-Iran conflict, which has essentially closed the Strait of Hormuz since late February and left markets racked with uncertainty.<\/p>\n
\u201cTwo other factors at play at the moment are obviously inflation and technology<\/a> valuations on US companies in particular starting to play a part,\u201d Williamson told BusinessDesk.<\/p>\n \u201cOf course, the US market has performed this year to date a hell of a lot better than [the] New Zealand [market], in particular, has.\u201d<\/p>\n The S&P\/NZX 50 began the day southbound as sellers outnumbered buyers, with an intraday low arriving after midday.<\/p>\n On the south side of the ledger, Serko was down 2.86% to $1.53, albeit on slim volume, with Synlait Milk shedding 4.65% to 41 cents on residual lukewarm sentiment after its recent refinancing news.<\/p>\n \u201cIt\u2019s a company that\u2019s been under a fair amount of pressure in recent months,\u201d Williamson said.<\/p>\n Other stocks to fall on overall cool market sentiment included SkyCity Entertainment, down 3.13% to 46.5 cents, while KMD Brands was flat at 8.2c.<\/p>\n Westpac ebbed, while ANZ Group Holdings firmed. Auckland Airport, Air New Zealand and Mainfreight also fell. Williamson said Mainfreight was sensitive to Middle East news flow.<\/p>\n Infratil shed 1.93% to $14.76, with Williamson noting the stock was sensitive to events on the Nasdaq, which in Wall Street trade on June 10 saw semiconductor chip makers, tech and AI stocks falter.<\/p>\n Meanwhile, Williamson said the prospect of interest rates staying higher for longer, or even rising if inflation pressures persisted, was also figuring in investors\u2019 minds.<\/p>\n \u201cInterest rate-sensitive stocks like the property sector have been under a little bit of pressure.\u201d<\/p>\n The property sector was mixed. Goodman Property fell 2.68% to $1.995 and Fletcher Building shed 0.96% to $3.10, but Stride Property rose 0.92% to $1.10, Precinct Properties gained 0.99% to $1.02, and Property for Industry added 0.41% to $2.42.<\/p>\n On the positive side of the ledger, Summerset Group improved 0.86% to $8.18, albeit on mild volume.<\/p>\n Telecommunications companies Spark New Zealand, up 1.34% to $1.895, and Chorus, up 1.74% to $9.95, both rose.<\/p>\n Williamson considered Spark\u2019s rise to be the result of investors dabbling in bargain hunting on the back of recent softness in the stock.<\/p>\n Chorus\u2019 rise was likely due to investors\u2019 appetite for safety.<\/p>\n