MARKET CLOSE: NZ shares surge as rate cut prospect buoys yield plays; Mercury, Meridian hit records

Wed, 27 Mar 2019

By Paul McBeth March 27 (BusinessDesk) - New Zealand shares got an unexpected boost after the Reserve Bank's warning that it may cut interest rates stoked demand for companies with stable dividends. Utilities Meridian Energy and Mercury NZ hit records. The S&P/NZX 50 Index climbed 124.07 points, or 1.3 percent, to a record 9,698.89. Within the index, 31 stocks rose, 12 fell and seven were unchanged. Turnover was $163.5 million. New Zealand's benchmark outperformed the rest of Asia, with China's Shanghai Shenzhen CSI 300 Index the nex...

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