Sharemarket rallies as soft kiwi buoys exporters; RBA holds

New Zealand’s S&P/NZX 50 index gained in a mixed day across Asia as investors digested policy moves from the Reserve Bank of Australia and Bank of Japan, with rates kept unchanged across the Tasman and hiked in Japan.

Exporters such as Fisher & Paykel Healthcare and Skellerup Holdings were buoyed by the weaker kiwi dollar, with Statistics New Zealand’s partial inflation reading prompting some economists to downgrade their forecasts for the pace of increased consumer prices and push out their expectations for when New Zealand’s Reserve Bank will lift the official cash rate.

Meanwhile, SkyCity Entertainment Group posted the steepest gain on the day, with cheaper oil prices set to provide a tailwind for tourism and travel companies when the Strait of Hormuz reopens.

And Delegat Group jumped to a two-month high after the winemaker upgraded its earnings guidance.