MARKET CLOSE: NZ shares rise as RBA rate cut stokes demand for yield

Tue, 03 Feb 2015

By Paul McBeth Feb. 3 (BusinessDesk) - New Zealand shares gained after the Reserve Bank of Australia cut its cash rate to a record low, making the returns on offer in New Zealand more attractive. Stocks with relatively high dividend yields led gainers, including Meridian Energy, Contact Energy and Genesis Energy. The NZX rose 25.259 points, or 0.4 percent to 5781.946. Within the index, 27 stocks advanced, 16 fell, and seven were unchanged. Turnover was $110.6 million. The RBA cut Australia's target cash rate a quarter-point to 2.25 per...

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