MARKET CLOSE: NZ shares advance after RBA inflation forecast lures investors to equities

Fri, 06 May 2016

By Tina Morrison May 6 (BusinessDesk) - New Zealand shares rose, reversing an earlier decline, after the Reserve Bank of Australia downgraded its forecasts for inflation, suggesting interest rates may head lower and prompting investors to seek out higher returns from equity investments. The S&P/NZX 50 Index gained 21.630 points, or 0.315 percent, to 6,898.110. Within the index, 31 stocks rose, nine fell and 10 were unchanged. Turnover was $177 million. The Reserve Bank of Australia this week cut its benchmark interest rate by 25 basis...

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