NZ sharemarket reaches 29-month high
The S&P/NZX 50 Index soon picked up from an early-morning fall and closed at 12,292.03, up 107.54 points or 0.88% after reaching an intraday low of 12,159.72.
The previous best close was 12,413.05 points on Feb 10, 2022. There were 91 gainers and 46 decliners over the whole market on volumes of 26.47 million share transactions worth $101.11m.
The June consumer price index (CPI) showed annual inflation running at a three-year low of 3.3%, down from 4% at the end of March and below the Reserve Bank of NZ’s (RBNZ) expectation of 3.6%.
ANZ Research said the latest CPI data highlighted that weak demand and increasing spare capacity across the economy were now flowing through to lower domestic inflation outcomes.
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