MARKET CLOSE: Shares bounce on big banks boost

Fri, 25 Sep 2020

Financial stocks led the local stock market higher as they surged on an announcement the Australian federal government would roll back responsible lending rules. The S&P/NZX 50 Index rose 107.19 points, or 0.9 percent, to 11,797.08. Within the index, 33 stocks rose, 10 fell and seven were unchanged. Turnover was $122.2 million.The local market got a kick from across the Tasman after the Morrison government announced it would scrap responsible lending laws, which put the onus on banks to ensure loans were serviceable. The Australia...

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