NZX 50 surges as RBNZ takes handbrake off economy

Turnover was $131.2 million. (Image: Getty)

Wed, 14 Aug 2024

New Zealand’s benchmark index surged as the Reserve Bank of NZ started unshackling the economy with a rate cut and signalled more to come. The S&P/NZX 50 Index jumped 253.47 points, or 2.1%, to 12,572.53. Across the main board, 114 stocks rose, 18 fell, and 47 were unchanged. Turnover was $131.2 million, with nine companies trading on volumes of more than a million shares. The local stock market enjoyed broad-based gains as Reserve Bank of NZ (RBNZ) governor Adrian Orr and the monetary policy committee surprised many comment...

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