MARKET CLOSE: NZ shares rise as low US rates boost demand for yield

Thu, 30 Jul 2020

New Zealand stocks climbed as the US Federal Reserve affirmed its near-zero interest rate policy and continuing to make stocks paying reliable dividends attractive to investors. The S&P/NZX 50 Index advanced 92.58 points, or 0.8 percent, to 11,692.02. Within the index, 26 stocks rose, 17 fell, and seven were unchanged. Turnover was $107.6 million. Investors digested positively the Fed's reiteration of its pledge to keep rates low for as long as necessary, holding the federal funds rate in a zero-to-0.25 percent target range. The Fed also...

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