MARKET CLOSE: NZ shares rise as rate cut stokes demand for yield stocks; Meridian, Contact, Kathmandu gain

Fri, 11 Dec 2015

By Sophie Boot Dec. 11 (BusinessDesk) - New Zealand shares rose as high-yielding stocks became more attractive following yesterday's interest rate cut by the Reserve Bank, with Meridian Energy, Contact Energy and Steel & Tube Holdings all advancing. The S&P/NZX50 Index gained 29.39 points, or 0.49 percent, to 6069.95. Within the index, 30 stocks rose, 17 fell and three were unchanged. Turnover was $165.9 million. The Reserve Bank yesterday lowered the benchmark interest rate to a record-low 2.5 percent, ending its current cutting cycle...

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