NZ sharemarket lifts on budget cuts and US news

NZ sharemarket lifts on budget cuts and US news
Investors in NZ were soothed by the messages from the US Federal Reserve. (Image: Getty)
Graham Skellern
The government’s $4 billion cost-cutting move and a passive speech from the United States Federal Reserve governor underpinned a firmer tone on the New Zealand sharemarket.The S&P/NZX 50 Index had a very steady afternoon and closed at 11,479.01, up 11.35 points or 0.10%.There were 60 gainers and 70 decliners over the whole market on volumes of 38.35 million share transactions worth $112.67m. The trading was dominated by Smartshares NZ Cash Exchange Traded Fund, with 17.55m units worth $53.02m changing hands.Over the weekend, US Federa...

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