a2 Milk jumps; Kiwi dips below 70 US cents

The S&P/NZX 50 Index rose 10.73 points, or 0.1%, to 12,551.93. Within the index, 22 stocks fell, 25 rose and three were unchanged.

Turnover was $424 million due to an extended trading session to allow for the quarterly rebalance of the S&P/NZX and FTSE Russell Indices.

The fallout from the US Federal Reserve’s update yesterday morning continued for a second day, with the currency falling below 70 US cents and short-term bond yields inching higher.

BNZ strategist Jason Wong said the more hawkish US central bank and strong local GDP figures suggested “emergency policy settings” were no longer required.