NZ sharemarket favours OCR cut, up 1.75%

Trading was steady, with 32.26 million shares worth $111.56m changing hands. (Image: Getty)

Wed, 09 Oct 2024

The New Zealand sharemarket surged 1.75% after the Reserve Bank of NZ cut the official cash rate 50 basis points – with relieved property stocks enjoying a revival.The S&P/NZX 50 Index had risen 0.8% before the Reserve Bank of NZ (RBNZ) announcement, and it doubled that to close at 12,776.13, up 220.14 points or 1.75%.Trading was steady, with 32.26 million shares worth $111.56m changing hands.Saying economic activity was subdued, partly due to restrictive monetary policy, the RBNZ reduced the official cash rate (OCR) from 5.25% to 4.7...

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