Sharemarket up as rates take a hike
Thursday 9 September 2004
The sharemarket rose in early trading on the back of the widely-anticipated 25 basis point rate rise announced by the Reserve Bank at 9am this morning.
By The LandlordAt 10.10am today the benchmark NZSX-50 gross index was up 4.98 points at 2745.73, while the NZSX-All capital index was up 1.00 points at 913.77.
Telecom was unchanged at 571, but still managed to dominate the market with turnover worth $24.8 million.
Total market turnover by 10.10am today was worth $34.3 million. Just 56 stocks were traded in the time, with 14 rises and 9 falls.
Read More - Opens in a new window
Commenting is closed
Auckland’s housing market saw another slump in sales volumes in May but prices are holding steady, according to the city’s largest real estate agency.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.