\u201cAt this level, the bond yields definitely impact the valuations of the growth and technology stocks,\u201d he said.<\/p>\n
\u201cIn New Zealand, Hallenstein Glasson is going really well with its share price hitting an all-time high. Australia is the major growth engine, but its New Zealand stores were robust. The company was helped by the strong Aussie dollar.\u201d<\/p>\n
On Wall Street, the Dow Jones Industrial Average fell 0.67% to 51,481.51 points; the S&P 500 fell 0.77% to 7683; and the Nasdaq Composite fell 0.92%.<\/p>\n
The higher energy costs (Brent Crude oil was trading at US$107.40\/NZ$189.83 a barrel) added to expectations of further Federal Reserve interest rate hikes.<\/p>\n
The Japanese Nikkei 225 fell 1.4%; Hong Kong Hang Seng fell 0.71%, and the South Korean Kospi Index fell 0.9% at 6pm NZ time.<\/p>\n
The S&P\/ASX 200 Index was down 0.08% to 8672.5 points after the Reserve Bank of Australia (RBA) lifted its cash rate, as expected, by 25 basis points to 4.6% \u2013 its highest level in 15 years and the fourth rate rise this year because of persistent high inflation.<\/p>\n
Sullivan said the nearly 200-basis-point cash rate differential explained the currency situation between NZ and Australia.<\/p>\n
NZ\u2019s Official Cash Rate is 2.75%, and the NZ dollar is trading at A80.6c to the Australian dollar.<\/p>\n
Local stocks<\/p>\n
At home, Hallenstein Glasson was up 75c or 5.66% to a new high of $14 after reporting a 19.6% increase in revenue<\/a> to $563m and 49.9% rise in net profit $59.16m for the 12 months ending August 1.<\/p>\n The retailer\u2019s share price has more than doubled over the past two years, sitting at $6.40 in September 2024. It has risen from $9 in the past 12 months and has gained more than 50% so far this year.<\/p>\n Hallenstein Glasson said its annual result benefited from a stronger Australian dollar, and on a constant-currency basis, group sales were up 15.6% from the previous year. It is paying a final dividend of 40c a share on December 9.<\/p>\n The gross margin increased 240 basis points to 61.7%, reflecting stronger sales at full prices and working closely with suppliers and freight forwarders to secure the best possible rate.<\/p>\n Group sales were 18.4% ahead for the first eight weeks of the new financial year compared with the same period last year.<\/p>\n Fellow retailers Briscoe was down 6c to $4.26; KMD Brands dipped 2c to $1.88; and The Warehouse was up 2c or 3.28% to 63c on the eve of reporting its annual result.<\/p>\n Auckland International Airport shed 15c, or 1.76%, to $8.35; Freightways fell 27c, or 2.15%, to $12.28; and Channel Infrastructure fell 13c, or 3.60%, to $3.48.<\/p>\n Summerset declined 24c or 3.22% to $7.22; a2 Milk retreated 24c or 2.82% to $8.27; and Third Age Health fell 25c or 5.29% to $4.48.<\/p>\n Tech stocks Vista Group fell 9c, or 3.24%, to $2.69, and Serko fell 5c, or 3.76%, to $1.28.Interest rate-sensitive property stocks were weaker. Property for Industry fell 5c, or 2.2%, to $2.22; Stride fell 2.5c, or 2.3%, to $1.06; and Precinct shed 2c, or 2.11%, to 93c.<\/p>\n In the energy sector, Meridian fell 16c or 2.87% to $5.42; Contact fell 13c to $8.60; and Genesis fell 7c or 2.75% to $2.48.<\/p>\n Among the gainers, Sky TV was up 6c or 1.74% to $3.50; Winton Land gained 2c or 1.79% to $ 1.14; and Synlait Milk<\/a> increased 1c or 2.38% to 43c.<\/p>\n Tourism Holdings was up 3c to $2.93 after telling the market that the due diligence involving takeover bidders was \u201cprogressing constructively and in good faith\u201d.<\/p>\n The company has been given additional time for bidders to complete their assessments because of the complexity of Tourism Holdings\u2019 operations. The company named Lisbon-based Indie Campie as the second bidder, alongside the BGH consortium.<\/p>\n NZX, up 1c to $1.49, announced that Paris-based BNP Paribas has become the first global financial services firm to be accredited as a general clearing and settlement participant for cash market transactions.<\/p>\n