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

94 stocks gained, 46 fell, and 39 were unchanged. (Image: Getty)

Thu, 15 Aug 2024

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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