NZX 50 Slides Amid Oil Price Rise and Rate Hike Expectations

The NZX 50 index fell by 0.9% on its first day of spring, joining a soft market across Asia.

Oil prices rose for another session amid tensions between the US and Iran, while bond yields increased, knocking interest rate-sensitive stocks like Investore Property and Ryman Healthcare down 3.8% and 3.3%, respectively.

The Reserve Bank of New Zealand is expected to hike its official cash rate at its Wednesday policy review to help combat sticky inflation and high price rises.