NZ investors shrug off Reserve Bank views and a retailer's woes

The S&P/NZX 50 Index dipped in the morning to 11,863.8 but recovered well to close at 11,9144, up 2.51 points or 0.02%.

There were 72 gainers and 66 decliners over the whole market on volumes of 21.85 million share transactions worth $95.98 million. Auckland International Airport was down 14c to $8.45 on trade worth $26.82m.

The Reserve Bank of NZ's (RBNZ) chief economist, Paul Conway, indicated that the battle with inflation was not yet over, though monetary policy is working. He said globalisation may become less of a disinflationary force than it has been.

“This means we should not expect substantial declines in imported inflation to achieve our inflation target. Instead, home-grown or domestic inflation would need to be lower than it has been historically.”