MARKET CLOSE: NZ share rise on Reserve Bank cut, Tower, SkyCity, Westpac gain

Thu, 10 Mar 2016

By Sophie Boot March 10 (BusinessDesk) - New Zealand shares rose, driving the NZX 50 Index to a fresh record, after the central bank unexpectedly cut interest rates to underpin an economy with little inflation. Tower, SkyCity Entertainment Group, Westpac Banking Corp and Fisher & Paykel Healthcare gained. The S&P/NZX 50 Index rose 51 points, or 0.8 percent, to 6,508.28. Within the index, 33 stocks rose, 13 fell and four were unchanged. Turnover was $201 million. Reserve Bank governor Graeme Wheeler cut the official cash rate a quarter-...

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