"The reduction in trading volume shows people are sitting on their hands and waiting for inflation to turn. At least the selling stopped today. When inflation does turn, the market will react quickly."
Sullivan said the US inflation rate – out later this week – is expected to decline from 8.3 per cent to 8.1 per cent but core inflation, excluding food and energy prices, is expected to increase to 6.3 per cent, from 6.1 per cent.
On the local market, there were few major moves amongst the leading stocks.
Ebos Group, one of the best performers over the past 12 months, climbed 55c to $36.75; Mainfreight was up $1.15 or 1.75 per cent to $66.99; Spark increased 6c to $5.12; and Ryman Healthcare gained 9c to $8.54.
Energy stocks rebounded, with Mercury up 3c to $5.25; Contact increasing 4c to $7.19; Meridian gaining 3.5c to $4.695; and Genesis collecting 3c to $2.67. Infratil was up 6c to $8.39.
Fast food operator Restaurant Brands bounced off its low, edging ahead 1c to $7.03. It has fallen 55.3 per cent in the last 12 months, after reaching a peak of $16 on August 30 last year.
Chorus, up 7.5c to $7.70, has been the best performer over the past year, rising 18.13 per cent, followed by Spark up 8.48 per cent, Sky TV increasing 6.75 per cent and Ebos posting a 4.7 per cent gain.
Sky TV increased 11c or 5.21 per cent to $2.22 after earlier telling the market it had secured the World Rugby television rights for the next seven years.
Other gainers were Vulcan Steel increasing 19c or 2.45 per cent to $7.88; Rakon adding 3c or 2.56 per cent to $1.20; Foley Wines collecting 3c or 2.19 per cent to $1.40; and Burger Fuel up 1.5c or 4.92 per cent to 32c.
The worst performing stocks over the past year have been transport technology firm Eroad, falling 74.48 per cent; cancer diagnostic company Pacific Edge down 66.88 per cent; online travel provider Serko declining 62.99 per cent; and Restaurant Brands decreasing 55.29 per cent.
Serko hit a new low after falling 8c or 2.26 per cent to $3. Serko sat at $7.85 on November 24 last year when it began its slide.
Pacific Edge moved away from its low of 44c achieved on August 30 after gaining 0.005c to 46.5c. Its peak was $1.56 set on September 27 last year.
Church donor management firm Pushpay Holdings was down 2c to $1.17 after telling the market it has received a revised takeover offer from a shareholder consortium and was continuing to assess the proposal – with no indication of pricing or timing.
Pushpay has fallen from a two-year high of $2.351 achieved on October 14, 2020, and it hit a low of 91c on February 24 this year.
Fisher and Paykel Healthcare, the market's second biggest company, was down 4c to $18.65. It has dropped from $33.15 on January 5 – a fall of 37 per cent.
Other decliners were Hallenstein Glasson, down 20c or 3.64 per cent to $5.30; South Port NZ decreasing 19c or 2.09 per cent to $8.91; Port of Tauranga shedding 5c to $6.30; and Freightways dropping 9c to $9.50.
Delegat Group was down 22c or 2.08 per cent to $10.36; Scales Corporation declined 12c or 2.48 per cent to $4.72; and AFT Pharmaceuticals shed 11c or 3.29 per cent to $3.23.
Winton Land decreased 11c or 4.49 per cent to $2.34; PaySauce declined 1.5c or 4.76 per cent to 30c; Solution Dynamics was down 5c or 2.27 per cent; and Turners Automotive shed 7c or 1.97 per cent to $3.49.
Plexure, down 1.5c or 4.48 per cent to 32c, is changing its name to Task Group on October 18 after buying that Australian mobile engagement business in August last year. Task will have a primary listing on the Australian ASX and a foreign exempt status on the NZX.
