MARKET CLOSE: NZ shares climb as rate cut stokes demand for yield stocks; Mercury gains

Wed, 07 Aug 2019

By Paul McBeth Aug. 7 (BusinessDesk) - New Zealand shares gained after the Reserve Bank's unexpectedly large interest rate cut revived demand for yield stocks, boosting the likes of Mercury NZ to a record. The S&P/NZX 50 Index advanced 199.09 points, or 1.9 percent, to 10,786.26, recovering all of yesterday's sharp sell-off. Within the index, 45 stocks rose, three fell, and two were unchanged. Turnover was $151.8 million. The local market jumped after the Reserve Bank cut the official cash rate by 50 basis points to a record low 1 pe...

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