NZ Stock Market Rises as RBNZ Lifts Interest Rates

New Zealand's stock market continued its upward trend after the Reserve Bank of New Zealand (RBNZ) lifted the official cash rate by 25 basis points to 2.75% as expected.

The NZX 50 index rose 143.67 points, or 1%, to 13,930.57, with 34 stocks gaining, nine falling and seven unchanged.

Heavyweight companies like Fisher & Paykel Healthcare, Meridian Energy, and Infratil drove the benchmark higher, while Genesis Energy advanced after securing additional gas supply from Methanex's mothballed domestic operation.

The kiwi dollar dropped to 58.30 US cents at 5pm in Auckland from 59.09 cents yesterday, and the two-year swap rate fell 3 basis points to 3.69%.