Consumer stocks led NZX 50 higher

Mon, 30 Aug 2021

New Zealand shares rose as record highs on United States stock markets flowed through to the NZX, boosting consumer cyclical stocks in particular.The S&P/NZX 50 Index rose 120.79 points, or 0.9%, to 13,180.58. Turnover was $175 million.The market followed a strong lead from Wall Street on Friday night, driven by US Federal Reserve chair Jerome Powell’s speech which said bond buying would be tapered later this year, but an interest rate hike wouldn’t necessarily follow.“The dovish overtones to the speech and Powell’s...

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