Market Close: NZ shares lower as RBA scraps rate targets

Tue, 02 Nov 2021

Westpac Bank led NZ shares lower for a second day after it reported weakening margins; meanwhile, the Reserve Bank of Australia scrapped its interest rate guidance.Late on Tuesday afternoon, Australia’s central bank abandoned its 0.1% target for bond yields and signalled it could hike cash rates sooner than 2024.The concession from the RBA pushed the Australian dollar lower and saw the ASX 200 rally but came too late in the afternoon to have much impact on the NZ market.The S&P/NZX 50 Index fell 37.81 points, or 0.3%, to 12,992.5. Tur...

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