NZ Sharemarket Jumps After RBNZ Raises OCR

The New Zealand sharemarket made a strong gain after the Reserve Bank of New Zealand (RBNZ) decision to increase the Official Cash Rate (OCR) by 25 basis points to 2.75%. The S&P/NZX 50 Index initially dipped to a low of 13,682.12 but then climbed steadily.

Analyst said that there were 'no nasty surprises' in the bank's commentary following the expected OCR increase. The Reserve Bank Governor Anna Breman and her colleagues delivered the decision as predicted by markets.