NZ shares up as labour data shows economy running hot

A2 Milk Company shares advanced 1.9% to $6.41. (Image: Supplied)

Wed, 04 Aug 2021

New Zealand shares and the kiwi dollar climbed as the unemployment rate dropped to 4% in the June quarter, showing the economy is running well and ushering in the chance for more aggressive interest rate hikes.The S&P/NZX 50 Index rose 96.76 points, or 0.8%, to 12,797.29. Turnover was $198.8 million.Economists had been predicting a fall in the unemployment rate to somewhere between 4.4% and 4.7%, instead it dropped further surprising the market.The kiwi dollar climbed from 69.97 US cents yesterday to 70.58 cents after the announcement, but...

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