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NZ Rate Themselves

NZ Rate Themselves


By Chay Flack (Equities Dealer, CMC Markets Stockbroking)

We have seen a steady morning that is expected to quiet down ahead of the long weekend. Equity options expired yesterday, which will inflate today’s volume as positions are exercised.

The NZ Reserve Bank today increased the Official Cash Rate by 25 basis points to three percent. A statement issued by Governor Graeme Wheeler sited momentum within economic expansion and noted the need to raise interest rates to a level at which they are no longer adding to demand.

Transurban Group (TCL) is in a trading halt after announcing a purchase of Queensland Motorways for $7 billion from the QLD government. TCL will operate the network and own a 62.5 stake in the consortium purchase. They are expected to resume trading on Thursday 1st May.

Bank of Queensland are trading ex-dividend, declining three percent but most of that is the 32 cent dividend.

Ends

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