Sharechat Logo

Sharemarket flat after OCR left at 3%

Thursday 9th December 2010

Text too small?

The New Zealand sharemarket was flat in early trade after the Reserve Bank left the official cash rate unchanged at 3%, noting that the pace of economic growth appeared to be moderating.

But Reserve Bank Governor Alan Bollard also said that beyond the near term, higher export volumes and repairs following the Canterbury earthquake were expected to push growth above levels that had been expected previously.

The New Zealand dollar lost two-thirds of a cent against the greenback within 15 minutes of the 9am announcement, dropping to around US74.35c before recovering some ground to be around US74.60c by 10am.

Around 10.15am the benchmark NZX-50 index was down just 0.5 of a point to 3293.83, after yesterday gaining 12.5 points.

Trustpower (NZX: TPW ) was down 5c to 725, Nuplex (NZX: NPX ) lost 2c to 350, and Wellington retailer Kirkcaldie & Stains (NZX: KRK )  lost 5c to 245, while Methven (NZX: MVN ) lifted 2c to 164.

In the US, stocks ended up slightly, with the Standard & Poor's 500 Index closing at its highest level since September 2008, as gains in financial and technology stocks offset declines caused by a recent surge in bond yields.

Based on preliminary data, the Dow Jones industrial average gained 0.1% to end unofficially at 11,372.48, the S&P 500 rose 0.4% to 1228.26, and the Nasdaq Composite Index advanced 0.4% to 2609.16.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report
Wellington International Airport Ltd (“WIA040”) - Maturity
Devon Funds Morning Note - 18 July 2024
CNU - Commerce Commission releases draft Price Quality decision
Precinct FY24 Annual Results and Webcast Details
Scott Technology appoints new CEO