Share market shuffles sideways as inflation soars

Fri, 16 Jul 2021

New Zealand shares drifted sideways as consumer prices soared in the second quarter stoking market expectations of interest rate hikes and sustained inflation. The S&P/NZX 50 Index added 1.99 points, effectively unchanged, to reach 12,673.15. Turnover was $163.5 million.New Zealand’s consumers price index jumped 1.3% in the June quarter which puts the annual rate at 3.3%, outside of the Reserve Bank’s target range and significantly above market expectations. BNZ said it looked increasingly likely the official cash rate...

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