The Markets

Investors lift shares after a less hawkish Reserve Bank outlook

Wednesday 24th of May 2023

The S&P/NZX 50 Index had fallen to 11,862.42 points and then jumped to an intraday high of 11,995.27 when the Reserve Bank announced an expected 25 basis points rise in the official cash rate (OCR) to 5.5%.

What wasn’t expected was the message that the bank still sees 5.5% as the peak for the OCR and it expects rate cuts from the third quarter next year.

The index clos...

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