Rollercoaster ride for NZ sharemarket as inflation reaction drives investors

37.41 million shares worth $141.54m changed hands. (Image: Getty)

Wed, 22 May 2024

The New Zealand sharemarket fell sharply and then recovered its nerve after the Reserve Bank dashed hopes of an early cut to interest rates.The S&P/NZX 50 Index was trading merrily, reaching an intraday high of 11,768.87 points just before the central bank’s latest monetary policy statement.But the index turned and tumbled to a low of 11,670.14 before rising again in the broker matching session to close at 11,732.28, up 56.29 points or 0.48%.The Reserve Bank of NZ lifted its inflation and peak official cash rate (OCR) forecasts, but i...

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