NZX closes at lowest level in a month; Rising US bond yields ripple through Asia

The S&P/NZX 50 index dropped 67.77 points, or 0.7 percent, to 9,147.10, its lowest close in almost a month. Within the index, 32 stocks fell, 13 gained, and five were unchanged. Turnover was a quieter than usual $74 million.

Stocks across Asia were weaker, taking their cue from Wall Street on Friday, as US bond yields continued to press higher on upbeat economic data there. China's Shanghai Composite Index dropped 3 percent in afternoon trading. Australia's S&P/ASX 200 index was down 1.1 percent and Hong Kong's Hang Seng declined 0.8 percent. Trading was subdued ahead of the Columbus Day holiday in the US.

New Zealand's sell-off was widespread, covering blue-chip stocks, rate-sensitive companies, and growth-focused firms. Pushpay Holdings fell 2.5 percent to $3.94, Fletcher dropped 2.2 percent to $6.29, SkyCity Entertainment Group declined 2 percent to $3.96, Contact was down 1.2 percent to $5.81 and Spark slipped 1 percent to $3.97.

"The weakness on Wall Street is putting a bit of pressure on the New Zealand and Australian markets," said Grant Williamson, a director at Hamilton Hindin Greene. "We're seeing some profit-taking in some stocks. There's not a lot of reasons to buy equities at the moment."