The NZX 50 fell 141.76 points or 1.15% to 12140.66 on Thursday, declining for the 6th consecutive session and trading at fresh 3-month lows amid surging local bond yields as 10-year rates lifted 11% to 21-month highs of 1.884%, while the US rate similarly extended yearly highs to 1.401%. In local news, Finance Minister Grant Robertson reported changes to the remit of the central bank’s Monetary Policy Committee, requiring it to take into account government policy relating to more sustainable house prices, while working towards its objectives. Among individual stocks, A2 Milk plummeted 16.08% to yearly lows after reporting a “challenging” first half, with profit dropping 35% amid Covid-19 disruption in the unofficial daigou trade into China. Finally, preliminary data for ANZ’s Business Outlook improved further, as business confidence lifted 3 points to 12% and the activity outlook inched over 22%, while inflation expectations from 1.65% to 1.78%. Historically, the New Zealand Stock Market (NZX 50) reached an all time high of 13643.78 in January of 2021. The NZX 50 is a headline stock market index which tracks the performance of 50 largest and most liquid companies by free float market capitalization, listed on the New Zealand Exchange. It is a total return, modified market capitalization weighted index. The NZX 50 Index has a base value of 1880.85 (NZX 40 Index closing level on previous day) as of December 29, 2000.