NZX 50 Index Climbs on RBNZ Rate Hike

The S&P/NZX 50 index rose by 143.67 points to 13,930.57 as the Reserve Bank of New Zealand (RBNZ) lifted the official cash rate by 25 basis points to 2.75%, in line with expectations.

The increase was seen as a 'relief' by market analysts, who had been bracing for more aggressive interest rate hikes.

Fonterra Shareholders' Fund units gained 2.4% to $7.35 after the dairy cooperative announced it would report underlying earnings at the top end of its guidance, implying a range of $965.5 million to $1.13 billion.