Market Close: NZ shares lower as RBA scraps rate targets

Dan Brunskill
Tue, 02 Nov 2021

Westpac Bank led NZ shares lower for a second day after it reported weakening margins; meanwhile, the Reserve Bank of Australia scrapped its interest rate guidance.Late on Tuesday afternoon, Australia’s central bank abandoned its 0.1% target for bond yields and signalled it could hike cash rates sooner than 2024.The concession from the RBA pushed the Australian dollar lower and saw the ASX 200 rally but came too late in the afternoon to have much impact on the NZ market.The S&P/NZX 50 Index fell 37.81 points, or 0.3%, to 12,992.5. Tur...

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Markets FREE
Eroad shares fall to all-time low
Ella Somers | Thu, 30 Jun 2022

Fleet management company Eroad dropped 3.4% to $1.42 today – its lowest share price since 2016.

Finance
Finlay steps down as NZ Post chair as he joins RBNZ board
Jenny Ruth | Thu, 30 Jun 2022

No mention was made of Rodger Finlay's term ending as chair of NZ Post when controversy over his appointment to RBNZ's new board blew up earlier this month.

Opinion
My bet? Ardern says the EU-NZ FTA needs more work
Rebecca Howard | Thu, 30 Jun 2022

Arden’ll just say it’s very close, but more talks are needed. That’s much easier to spin than a deal at any cost.

Sponsored
Digital innovation could shape the future of NZ

The digital age allows us to collaborate on some of our greatest scientific and environmental challenges

Sponsored
Investments to sustain the momentum of building in NZ

Classic Capital has opened its Land & Build fund to qualified wholesale and eligible investors.