NZ market rallies on US banking assurances

NZ market rallies on US banking assurances
(Image: Depositphotos)
Graham Skellern
New Zealand and other offshore sharemarkets rallied after United States regulators took quick action to stem a widespread banking crisis. The S&P/NZX 50 Index recovered late in the day and closed at 11,672.9, down 54.14 points or 0.46% after reaching an intraday low of 11,543.58 following the collapse of Silicon Valley Bank (SVB) and New York's Signature Bank.The index, however, is back to the same level it was at the start of the year – it sat at 11,664.87 points on January 12. There were 92 decliners and 42 gainers ove...

More Markets

NZ stocks end firmly as outlook brightens
Markets Market Close

NZ stocks end firmly as outlook brightens

Improved, post-results season sentiment drove NZ stocks higher.

The Warehouse Albany and Silverdale could be first in line for store revamp
Retail

The Warehouse Albany and Silverdale could be first in line for store revamp

The Warehouse’s Albany and Silverdale stores could be first in line to undergo an interior revamp, according to chief executive Mark Stirton, who gave an update to shareholders at the company’s annual meeting on Friday.The meeting covered everything from the company’s 2025 financ...

Westpac cops $3.64m penalty for lender responsibility breaches
Finance

Westpac cops $3.64m penalty for lender responsibility breaches

Credit Contracts and Consumer Finance Act in focus again.

New Talisman in trading halt
Markets

New Talisman in trading halt

New Talisman Gold Mines has been placed in a trading halt because of its financial position.The mining company requested the halt, saying the board must meet “to consider the company’s current financial position and its strategic path forward”.“The board cannot reach a conclusion...