MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision

Thu, 05 Dec 2019

New Zealand shares rose as bank stocks rallied when the Reserve Bank's new capital adequacy rules weren’t as harsh as some investors feared. The S&P/NZX 50 Index advanced 47.92 points, or 0.4 percent, to 11,257.79. Within the index, 25 stocks rose, 17 fell, and eight were unchanged. Turnover was $103.1 million. Australia’s four pillars – Westpac Banking Corp, Commonwealth Bank of Australia, National Australia Bank and Australia & New Zealand Banking Group – rallied on the ASX after New Zealand’s Reserve Bank granted a longer transition pe...

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