NZ market flat as RBNZ keeps OCR at 5.5%

NZ market flat as RBNZ keeps OCR at 5.5%
The S&P/NZX 50 Index was flat at 1,1235.05. (Image: Getty)
Ella Somers
Neither New Zealand’s benchmark index nor economists were surprised by the fact there was no change made to the official cash rate by the Reserve Bank of New Zealand on Wednesday.  The S&P/NZX 50 Index was flat at 1,1235.05. Turnover was $108.1 million. There were 38 gainers and 85 decliners on the main board.Paul Robertshawe, chief investment officer with Octagon Asset Management, said the market had expected the non-move out of the RBNZ as most economists had predicted the central bank wouldn’t move the cash-rate dial bef...

More Markets

NZ sharemarket boosted by energy stocks, Fletcher
Markets Market close

NZ sharemarket boosted by energy stocks, Fletcher

The S&P/NZX 50 Index closed at 11,789.39 points, up 71.95 points or 0.61%.

Graham Skellern 01 Jul 2024
Rakon investor raises issues over failed bid
Markets

Rakon investor raises issues over failed bid

Minority investor Mike Daniel has raised fresh questions about a $400 million bid that was ultimately snubbed by Rakon’s board.The NZ Shareholders Association (NZSA) shares Daniel’s disappointment that millions were spent on takeover talks with nothing to show, but also offered s...

Staff reporters 01 Jul 2024
New Talisman Gold Mines halts trading
Markets

New Talisman Gold Mines halts trading

On Monday, Australian and New Zealand Exchange-listed New Talisman Gold Mines halted NZX trading.The halt follows the Australian Securities Exchange's (ASX) decision to suspend trading in New Talisman Gold Mines securities on that exchange following the release of the company...

Staff reporters 01 Jul 2024
Glenbrook to get big grid-scale battery as Contact teams up with Tesla
Markets

Glenbrook to get big grid-scale battery as Contact teams up with Tesla

Contact Energy has teamed up with electric car company Tesla to build a grid-scale 100-megawatt battery at Glenbrook at a cost of up to $163 million.The company said the battery would enhance Contact’s renewable-energy flexibility and provide enough electricity for more than two...

Staff reporters 01 Jul 2024