Skellerup rallies on robust earnings as NZ market revels on lower rates

Skellerup rallies on robust earnings as NZ market revels on lower rates
94 stocks gained, 46 fell, and 39 were unchanged. (Image: Getty)
Paul McBeth
New Zealand shares extended their gains as investors continued to enjoy the prospect of lower interest rates reviving a moribund economy, with Skellerup rallying on solid earnings in a tough environment. The S&P/NZX 50 Index rose 138.04 points, or 1.1%, to 12,710.57. Across the main board, 94 stocks gained, 46 fell, and 39 were unchanged. Turnover was $122.4 million, with 11 companies trading on volumes of more than a million. Investors remained upbeat after yesterday’s earlier-than-expected rate cut by the Reserve Bank of N...

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