NZ shares drift as Aussie central bank holds rates while talking tough

The S&P/NZX 50 Index closed at 11,356.99, down 10.81 points or 0.10%, and the S&P/ASX 200 had declined 0.96% to 7056.6 points at 6pm NZ time. 

There were 50 gainers and 78 decliners on the NZX main board, again featuring light trading with 22.42 million shares worth $79.03m changing hands.

The Reserve Bank of Australia (RBA) lifted the cash rate by 25 basis points last month to a 12-year high because the progress in bringing inflation back to the target range of 2-3% by the end of 2025 was looking slower than earlier forecast.

This month, the RBA kept the rate at 4.35%, as expected, but there were still significant uncertainties around the economic outlook.