Shares slump as rate hike looms

Mon, 22 Nov 2021

New Zealand's headline share index dropped on Monday as investors braced themselves for the Reserve Bank to hike the official cash rate later this week.The S&P/NZX 50 Index fell 132 points, or 1%, to 12,607.64. Turnover was $146 million.Climbing interest rates have been weighing down the local equity market which has failed to make any lasting gains since this time last year. On Wednesday, the central bank will release its November Monetary Policy Statement which was widely expected to contain a 0.25% increase to the officia...

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