Sharemarket has a muted response to Reserve Bank move

The Reserve Bank's hold on interest rate rises failed to move markets today. (Image: Getty)

Wed, 12 Jul 2023

The New Zealand sharemarket had a muted response to the hold on the official cash rate, while technology company Eroad rejected a takeover offer. As widely expected, the Reserve Bank of NZ (RBNZ) left the cash rate unchanged at 5.5% – for the first time since late 2021 - but warned it would likely need to stay there for some time.The S&P/NZX 50 Index stayed slow and steady on the announcement and closed at 11,908.27, down 1.53 points or 0.01%.There were 78 gainers and 46 decliners on the main board, with 33.19 million shares wor...

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