MARKET CLOSE: NZ shares gain, Steel & Tube and Xero advance while NZ Refining drops

Thu, 21 Jul 2016

By Sophie Boot July 21 (BusinessDesk) - New Zealand shares gained as investors were buoyed by potential interest rate cuts, with Steel & Tube Holdings, Xero and Westpac Banking Corp gaining, while New Zealand Refining Co fell. The S&P/NZX 50 Index rose 41.38 points, or 0.6 percent, to 7,214.05, another record high. Within the index, 32 stocks rose, nine fell and 10 were unchanged. Turnover was $155.4 million. Grant Williamson, director at Hamilton Hindin Greene, said the Reserve Bank's indication it will move to cut interest rates has...

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