NZ shares rise on further hopes inflation tamed

The S&P/NZX 50 Index powered up from the opening and closed at 11,352.84, rising 179.56 points or 1.61% on broad-based buying.  

There were 101 gainers and 40 decliners over the whole market on increased volumes of 34.75 million share transactions worth $125.62m.

Greg Smith, head of retail with Devon Funds Management, said the catalyst was the soft United States consumer price index (CPI).

“Bond yields have also eased, and there is a view that central banks, including the US Federal Reserve, are done and dusted with interest rate hikes, and there will be a softer economic landing,” he said.