MARKET CLOSE: NZ shares buoyed by RBNZ optimism of brief coronavirus hit

Wed, 12 Feb 2020

New Zealand shares rose as investors took heart from the Reserve Bank indicating the impact of the coronavirus outbreak on the domestic economy and corporate earnings would be short-lived. The S&P/NZX 50 Index gained 63.70 points, or 0.5 percent, to 11,898.24. Within the index, 24 stocks rose, 21 fell and five were unchanged. Turnover was $193.8 million. The Reserve Bank kept the official cash rate at 1 percent today, as expected, but changed its forecasts to remove the chance of future cuts with governor Adrian Orr talking down the long...

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