NZ shares snap 3-day slide as Fed pledge lifts equity markets
Aug. 10 (BusinessDesk) – New Zealand shares snapped a three-day slide, joining rebound in equity markets after the Federal Reserve pledged to keep interest rates low to nurture growth in the world’s biggest economy.
The NZX 50 Index climbed 3.3% to 3199.59 at the open, clawing back some of the 8.3% shed over the past three days. The Standard & Poor’s 500 Index jumped 4.7% after the Federal Open Market Committee said it would keep interest rates near zero for at least two years.
Pumpkin Patch, the children’s clothing chain, led gainers, rising 7.8% to 97 cents. Ryman Healthcare climbed 7.6% to $2.68. Skellerup Holdings jumped 7% to $1.20.
Diligent Board Member Services rose 11% to $1.22 after posting better than expected first-half results.