NZ shares rise as Fed rate hike misses the mark

NZ shares rise as Fed rate hike misses the mark
Air New Zealand was down 6.3% in the biggest decline on the NZX50. (Image: Unsplash)
Ella Somers
It was a busy day for New Zealand’s stock market as stocks rallied after the US Federal Reserve’s rate hike.The S&P/NZX 50 index rose 72.3 points, or 0.6%, to 11,747.57. Within the broader equity market, 89 stocks rose, 43 fell and turnover was $105 million.Inflation is on everyone’s minds as the pandemic rages on, Russia’s military invasion of Ukraine has detrimental geopolitical effects and the cost of almost everything is rapidly rising.The Fed’s decision to hike the federal funds rate by 50 basis points &nd...

More Markets

Smart CEO Anna Scott resigns
Markets

Smart CEO Anna Scott resigns

Anna Scott will take up her new role on October 1.

Fonterra’s NZ milk collections hit five-year high
Primary Sector

Fonterra’s NZ milk collections hit five-year high

The increased production comes as forecast milk prices point to record levels.

Retailers say unseasonable weather compounded woes
Retail

Retailers say unseasonable weather compounded woes

The Warehouse Group and KMD Brands have both downgraded guidance in recent weeks.