NZ market rallies on US banking assurances

(Image: Depositphotos)

Mon, 13 Mar 2023

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...

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