NZ sharemarket rises 0.7% on back of OCR cut

Investors like the direction of interest rates. (Image: Getty)

Wed, 27 Nov 2024

The New Zealand sharemarket greeted the latest interest rate cut – with the promise of more to come – by rising 0.7% to its highest close in more than three years.The S&P/NZX 50 Index climbed steadily in the afternoon – after the Reserve Bank of NZ (RBNZ) reduced the official cash rate (OCR) by 50 basis points to 4.25% – and finished on 13,212.92, up 99.16 points or 0.76%.The index last reached that level on Oct 4, 2021, when it sat at 13,337.27 points. Its record close was 13,558.19 on Jan 8, 2021, and the index has...

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