MARKET CLOSE: NZX50 at record as Meridian, Contact gain; A2 Milk climbs

Wed, 22 Jul 2015

By Suze Metherell July 22 (BusinessDesk) - New Zealand shares rose to a record as investors bought dividend-paying stocks such as Meridian Energy and Contact Energy on the expectation the Reserve Bank will cut the official cash rate tomorrow. A2 Milk Co extended its rebound. The S&P/NZX 50 Index advanced 50.83 points, or 0.9 percent, to 5927.74. Within the index, 30 stocks rose, 11 fell and nine were unchanged. Turnover was $113 million. Traders are pricing in a 108 percent chance the central bank will cut New Zealand's interest rate...

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