NZ dollar nudges higher, NZX 50 dips as RBNZ hikes

The Reserve Bank hiked the official cash rate 25 basis points to 2.5%, keeping the majority of forecasters happy as the central bank seeks to get ahead of any building inflationary pressures.

The S&P/NZX 50 index fell in a mixed day across Asian markets as renewed tensions between the US and Iran pushed oil prices higher, while blue-chip stocks such as Fisher & Paykel Healthcare and Infratil weighed on the local bourse.

The a2 Milk Co led the NZX 50 lower as the milk marketing firm shed rights to its upcoming special dividend, while Mainfreight was also weaker as it went ex-dividend.

And Tāiko Critical Minerals surged 15% as it resumed trading, having raised $7 million in a discounted placement and ahead of a share purchase plan, while Rua Bioscience halted trading of its shares to coordinate a joint announcement with an international counterparty.