Rollercoaster ride for NZ sharemarket as inflation reaction drives investors
The S&P/NZX 50 Index was trading merrily, reaching an intraday high of 11,768.87 points just before the central bank’s latest monetary policy statement.
But the index turned and tumbled to a low of 11,670.14 before rising again in the broker matching session to close at 11,732.28, up 56.29 points or 0.48%.
The Reserve Bank of NZ lifted its inflation and peak official cash rate (OCR) forecasts, but it did keep the OCR unchanged at 5.5% or the seventh successive time.
There were 84 decliners and 51 gainers on the main board, with 37.41 million shares worth $141.54m changing hands.
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