MARKET CLOSE: NZ shares sink after RBNZ keeps OCR at 1%

Wed, 13 Nov 2019

New Zealand shares fell after the Reserve Bank surprised investors by keeping the official cash rate at 1 percent, meaning stocks held for reliable dividends didn't become even more attractive from ever-lower interest rates. The S&P/NZX50 Index decreased by 90.88 points, or 0.8 percent, to 10,835.43. Within the index, 34 stocks fell, 12 rose, and four were unchanged. Turnover was $175.9 million. The RBNZ kept the OCR unchanged saying economic changes since its last review in August "do not warrant a change to the already stimulatory mon...

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