MARKET CLOSE: NZ shares rally on RBNZ rate cut

MARKET CLOSE: NZ shares rally on RBNZ rate cut
Paul McBeth
By Paul McBeth May 8 (BusinessDesk) - New Zealand shares staged a late rally as the Reserve Bank's cut to the official cash rate boosted the attraction of companies paying reliable dividends such as Contact Energy and Mercury NZ.  The S&P/NZX 50 Index increased 35.66 points, or 0.4 percent, to 10,063.05. Within the index, 30 stocks rose, 14 fell and six were unchanged. Turnover was $153.2 million.  The benchmark index had been in the red through much of the session, as Asian equity markets followed dour trading in New York amid heighte...

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