NZ sharemarket lifts on budget cuts and US news

Investors in NZ were soothed by the messages from the US Federal Reserve. (Image: Getty)

Mon, 28 Aug 2023

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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