NZX 50 posts biggest weekly gain in four years on rate cut optimism

The S&P/NZX 50 Index's weekly gain was 4%. (Image: Getty)

Fri, 16 Aug 2024

New Zealand’s benchmark stock index rose the most in a week since the post-covid rebound as investors embraced the prospect of lower interest rates, reviving a stagnant economy and boosting the allure of companies that pay reliable dividends. The S&P/NZX 50 Index climbed 17.18 points, or 0.1%, to 12,727.75, taking its weekly gain to 4%. Across the main board, 97 stocks rose, 42 fell, and 40 were unchanged. Turnover was $104.7 million. The benchmark index was already joining a global rally when it surged into life on Wednesda...

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