The Markets
NZ sharemarket favours OCR cut, up 1.75%
Wednesday 9th of October 2024
The S&P/NZX 50 Index had risen 0.8% before the Reserve Bank of NZ (RBNZ) announcement, and it doubled that to close at 12,776.13, up 220.14 points or 1.75%.
Trading was steady, with 32.26 million shares worth $111.56m changing hands.
Saying economic activity was subdued, partly due to restrictive monetary policy, the RBNZ reduced the official cash rate (OCR) from 5.25% to 4.75% - its lowest level since March last year.
Trading banks immediately cut their interest rates.
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