MARKET CLOSE: NZ shares recover as investors re-think RBNZ review

By Paul McBeth | Thu, 14 Nov 2019


New Zealand shares recovered some of yesterday’s sell-off as investors digested the impact of the Reserve Bank's announcement yesterday of an unchanged 1 percent cash rate on high-yield stocks. The S&P/NZX 50 Index increased 63.82 points, or 0.6 percent, to 10,899.25. Within the index, 26 stocks rose, 16 fell and seven were unchanged. Turnover was $149.5 million. Utilities and property stocks dropped sharply yesterday when the Reserve Bank kept the official cash rate at 1 percent, surprising many analysts and investors who had predicted i...