Shares gain in ‘desperate chase for yield’
Market rallies in wake of interest rate cut.
New Zealand shares rallied strongly after the Reserve Bank’s surprise 0.5% percentage point cut in the official cash rate, driving the S&PNZX50 index up 1.9% on the day.
Big dividend paying blue chips were major gainers, with Mercury up 5.6%, Spark up 3.5% and energy companies Meridian,
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