NZ shares sink after RBNZ keeps OCR at 1%
The S&P/NZX50 Index decreased by 90.88 points, or 0.8 percent, to 10,835.43. Within the index, 34 stocks fell, 12 rose, and four were unchanged. Turnover was $175.9 million.
The RBNZ kept the OCR unchanged saying economic changes since its last review in August "do not warrant a change to the already stimulatory monetary setting at this time." Investors were expecting a cut, which would have made stocks held for their yield more attractive.
See reaction to OCR announcement
“The market was 50-50 on whether it would cut - by holding rates we’ve seen swap rates tick up and the dividend-paying stocks in the market have drifted a bit on the basis that yields aren’t quite as attractive as they may have been had the rate had been cut,” says Hamilton Hindin Greene investment adviser Grant Davies.
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