NZ market lifts after surprise CPI data
The S&P/NZX 50 Index rose 29.3 points, or 0.26%, to 11,214.37. Turnover was $119.7 million. There were 66 gainers and 49 decliners on the main board.
The likelihood of the Reserve Bank of New Zealand (RBNZ) raising interest rates in November decreased significantly, falling from about 34% to just 10%, following the release of Tuesday's consumer price index (CPI) data.
The fresh CPI data revealed a decrease in annual inflation to 5.6% during the September quarter. A reduction to the interest rate is now being anticipated for February 2025 – a few months ahead of previous expectations.
On the company front, Devon Funds head of retail Greg Smith said gentailers Meridian and Mercury NZ had both provided updates today.
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