NZ sharemarket rises on RBNZ's dovish stance
The S&P/NZX 50 Index turned around after the central bank held the official cash rate (OCR) at 5.5% for the eighth successive time and hinted at a loosening in monetary policy.
The index closed at 11,943.332, up 95.2 points or 0.8% for the second day running, after reaching a morning low of 11,789.28. The index is now ahead 1.45% for the year.
There were 81 gainers and 49 decliners on the main board with 29.56 million shares worth $109.69m changing hands.
The Reserve Bank said in its review that restrictive monetary policy had significantly reduced consumer price inflation and interest rates no longer needed to remain restrictive for a sustained period.
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