NZ shares rally as oil prices retreat

Lower oil prices means more economic activity and less inflation. (Photo: Getty)

Thu, 10 Mar 2022

New Zealand shares followed a global rally Thursday as oil prices retreated, and Ukraine’s president said one of Russia’s negotiating demands could be met.The S&P/NZX 50 Index rose 140 points, or 1.2%, to 11,926.26. Turnover was $184 million.Wall Street equity indices were higher overnight as oil prices dropped more than 10% when two members of the OPEC oil cartel said they would support increasing production. Oil prices dropped to approximately US$110 (NZ$160) per barrel after having traded at over US$130 on Wednesday, bo...

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