Investors worry about interest rates – NZX50 droops

Investors are waiting to see what the Reserve Bank does with interest rates. (Image: Getty)

Mon, 22 May 2023

Companies producing solid financial results – this time Gentrack – are being rewarded but the New Zealand sharemarket tumbled nearly 1% on interest rate worries.The S&P/NZX 50 Index fell sharply in the morning and then steadied in the afternoon to close at 11,993, down 106.73 points or 0.88%.There were 46 gainers and 83 decliners over the whole market with 35.77 million shares worth $130.2m changing hands.The Reserve Bank delivers its latest monetary policy statement on Wednesday with an expected 25 basis points increase in the...

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