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MARKET CLOSE: Shares bounce on big banks boost

Dan Brunskill
Fri, 25 Sep 2020

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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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