Markets market close

NZ shares rise as Fed rate hike misses the mark

Ella Somers
Thu, 05 May 2022

Trainee reporter
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NZ shares rise as Fed rate hike misses the mark
Air New Zealand was down 6.3% in the biggest decline on the NZX50. (Image: Unsplash)
Ella Somers
Thu, 05 May 2022
It was a busy day for New Zealand’s stock market as stocks rallied after the US Federal Reserve’s rate hike.The S&P/NZX 50 index rose 72.3 points, or 0.6%, to 11,747.57. Within the broader equity market, 89 stocks rose, 43 fell and turnover was $105 million.Inflation is on everyone’s minds as the pandemic rages on, Russia’s military invasion of Ukraine has detrimental geopolitical effects and the cost of almost everything is rapidly rising.The Fed’s decision to hike the federal funds rate by 50 basis points &nd...

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