MARKET CLOSE: NZ shares gain as power companies Meridian, Genesis, Mercury buoyed by low rate outlook

Tue, 12 Feb 2019

By Paul McBeth Feb. 12 (BusinessDesk) - New Zealand shares gained as growing bets for an interest rate cut by the Reserve Bank stoked demand for utility companies such as Mercury NZ, Meridian Energy and Genesis Energy with steady dividends. The S&P/NZX 50 index rose 70.77 points, or 0.8 percent, to 9,280.77. Within the index, 33 stocks gained, nine fell and eight were unchanged. Turnover was $187.6 million, of which Spark New Zealand accounted for $62.5 million. Stocks across Asia rose after US legislators reached an in-principle fun...

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