The Business Times

Australia: Shares steady near 1-month low, NZ shares hit new record

Published Wed, Mar 30, 2016 · 05:46 AM
Share this article.

[MELBOURNE] Australian shares ended up 0.1 per cent on Wednesday, having earlier plumbed a one-month low, but recaptured the 5000-point marker as sentiment steadied following comments by the Federal Reserve chair.

Appetite revived for global riskier assets after Federal Reserve Chair Janet Yellen signalled a slower pace of rate increases this year, potentially keeping the cost of capital cheaper for longer.

The S&P/ASX 200 index rose to 5010.3 points at the close of trade having earlier hit the weakest since March 2 at 4,989.90.

The benchmark had dropped 1.7 per cent on Tuesday when markets reopened after a long holiday weekend, but is on track to finish March ahead after two months of declines.

New Zealand's benchmark S&P/NZX 50 index climbed by 0.6 per cent or 37.8 points to finish the session at 6714.16, a record high.

NZ shares have hit records nearly every day in March as record low interest rates lured investors away from bank deposits and toward higher yielding stocks.


BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to

Capital Markets & Currencies


Get the latest coverage and full access to all BT premium content.


Browse corporate subscription here