NZ shares rally as oil prices retreat
The S&P/NZX 50 Index rose 140 points, or 1.2%, to 11,926.26. Turnover was $184 million.
Wall Street equity indices were higher overnight as oil prices dropped more than 10% when two members of the OPEC oil cartel said they would support increasing production.
Oil prices dropped to approximately US$110 (NZ$160) per barrel after having traded at over US$130 on Wednesday, boosting investor sentiment.
“Lower energy prices are a double win for the global economy. Higher prices potentially destroy demand and choke off growth, while simultaneously driving inflation higher,” said Michael McCarthy, chief strategy officer at Tiger Brokers Australia.
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