MARKET CLOSE: Shares rise as negative interest rates loom

Mon, 17 Aug 2020

Shares on New Zealand’s benchmark index rallied as central bank stimulus helped fuel a bounce back from lockdown-related selling last week. Summerset led the market higher on a strong earnings result. The S&P/NZX 50 Index rose 220.81 points, or 1.9 percent, to 11,672.95 — the biggest gain since mid-June. Within the index, 40 stocks rose, six fell and four were unchanged. Turnover was $136.3 million. The Reserve Bank of NZ, which looks increasingly likely to implement negative interest rates, helped fuel the benchmark’s gain since as inv...

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