In the US, the Dow Jones Industrial Average, for instance, has swung between a gain of 2.8 per cent and a fall of 1.15 per cent in single trading days this week.
"It's very challenging out there," said Solly. "The fixed interest market is in turmoil and central banks are still coming out with hawkish narrative. We've had a clear direction from the Reserve Bank that they are not done with rate rises and will hit inflation down with a large sledgehammer.
"A US Federal Reserve open market committee member indicated, 'if you are expecting interest rates cuts next year, you are dreaming'. The markets were a bit nervous awaiting the latest US non-farm payroll numbers."
Solly said investors were taking capital out of the New Zealand market. "Trading volumes are light and that's the power of the school holidays taking people out of action."
The real estate sector was down 1.24 per cent for the day, and utilities declined 1.44 per cent. But these falls were balanced out by increases of 1.62 per cent and 0.54 per cent in the materials and industrial sectors.
Vital Healthcare Trust fell 11c or 4.28 per cent to $2.46; Precinct Properties declined 3c or 2.29 per cent to $1.26; Kiwi Property was down 2.5c or 2.66 per cent to 91.5; Stride decreased 4c or 2.4 per cent to $1.63; Investore shed 3c or 1.94 per cent to $1.52; but Argosy recovered 5c or 4.2 per cent to $1.24.
Solly said the property stocks, like energy, have good long-time earnings but they are sensitive to the correction in interest rates.
Contact Energy was down 9c to $7.35; Mercury fell 15c or 2.71 per cent to $5.39; Meridian shed 7c to $4.75; Vector decreased 7c to $4.27; and Infratil declined 8c to $8.43.
Fletcher Building increased 13c or 2.58 per cent to $5.17 after one broker suggested the stock was oversold; Mainfreight gained 30c to $67.70; and Air New Zealand was up 1c to 72c.
Fisher and Paykel Healthcare added 27c to $19.28 on trade worth $19.8m; Hallenstein Glasson increased 10c or 1.9 per cent to $5.35; Napier Port was up 4c to $2.85; and Seeka improved 9c or 2.33 per cent to $3.95.
T&G Global collected 5c or 1.89 per cent to $2.70; NZME increased 3c or 2.61 per cent to $1.18; Harmoney was up 4c or 5.56 per cent to 76c; and ikeGPS gained 2c or 2.25 per cent to 91c.
The medicinal cannabis stocks were on the move. Cannasouth increased 2c or 6.45 per cent to 33c; Rua Bioscience gained 2c or 8.7 per cent to 25c; and Greenfern was 1.9c or 18.81 per cent to 12c.
Ebos Group was down 29c to $36.80; Restaurant Brands decreased 18c or 2.36 per cent to $7.45; Synlait Milk shed 11c or 3.14 per cent to $3.39; Serko fell 8c or 2.52 per cent to $3.10; Michael Hill declined 3c or 2.24 per cent to $1.31; and Winton was down a further 6c or 2.35 per cent to $2.49.
Plexure Group declined 2.5c or 6.94 per cent to 33.5c; Move Logistics shed 4c or 3.57 per cent to $1.08; Rakon decreased 3c or 2.4 per cent to $1.22; Bremworth was down 3c or 5.66 per cent to 50c; and Chatham Rock Phosphate fell 3c or 9.84 per cent to $2.75.
Radius Care, up 0.005c to 32c, has had its bridge funding of $23m extended for six months to early April next year. Radius is buying the land and buildings of four aged-care facilities it operates from the landlord UCG Investments.
New Talisman Gold Mines increased 0.001c or 50 per cent to 0.002c after telling the market it has reached a settlement, through mediation, with its former chief executive Matthew Hill, who was claiming $817,537 in employment-related entitlements. New Talisman is paying $145,000 to Hill's company Asia Pacific Capital.
