NZ shares rise on Fed restraint, local GDP growth; Auckland Airport slides
The S&P/NZX 50 Index rose 25.61 points, or 0.3 percent, to 9,461.31. Within the index, 19 stocks rose, 24 fell, and seven were unchanged. Turnover was light at $87.7 million.
Stock markets across Asia were mixed with Australia's S&P/200 index down 0.4 percent in afternoon trading, Hong Kong's Hang Seng rose 0.2 percent, and Singapore's Straits Times Index was barely changed.
Matt Goodson, managing director at Salt Funds Management, said bond yields "rallied hard" after the Fed's policy review, which reined in future rate hikes even further. While that would normally be a boon for equity markets, Goodson said the weaker growth outlook there has probably also "raised fears of what it means for corporate earnings."
The Fed lowered its 2019 growth outlook for the US economy to 2.1 percent from the 2.3 percent it was expecting in December.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
