MARKET CLOSE: NZ shares rise; MRP, Contact gain; Air NZ falls

Thu, 11 Jun 2015

By Suze Metherell June 11 (BusinessDesk) - New Zealand shares rose in a broad-based rally including MightyRiverPower and Contact Energy after the Reserve Bank surprised some investors by cutting interest rates. Air New Zealand declined. The NZX50 Index rose 54.548 points, or 0.9 percent, to 5858.413. Within the index, 27 stocks rose, 11 fell and 12 were unchanged. Turnover was $130 million. The central bank cut the official cash rate 25 basis points to 3.25 percent, causing the kiwi dollar to drop nearly 2 cents. New Zealand equities...

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