New Zealand Shares End Higher as RBNZ Holds Steady; New Zealand Oil & Gas to Delist from NZX

New Zealand shares closed higher on Wednesday following the Reserve Bank of New Zealand’s decision to maintain the interest rate at 5.5%.

The S&P/NZ50 Index rose 0.48% or 56.29 points to close at 11,732.28.

The central bank maintained the official cash rate at 5.5% following a monetary policy meeting earlier in the day. The annualized consumer price index is expected to return to the 1% to 3% target range by the end of the year.

However, RBNZ raised its projected rate path, suggesting the possibility of another rate hike later this year. Additionally, the timeline for rate cuts has been pushed further into the latter half of 2025.

On the corporate front, New Zealand Oil & Gas NZO plans to delist from the New Zealand bourse and remain listed on the Australian Securities Exchange to focus on a single market with a larger investor base. Its shares fell 3% on close.

Real estate Investor Argosy Property ARG said net property income increased 3% to NZ$116.5 million in the 12 months ended March compared with the prior year. Its shares closed 4% lower.