New Zealand Shares Rise Ahead of Interest Rate Decision; Contact Energy Rises 2% on Gas Deal

MT Newswires Live08-13

New Zealand Shares Rise Ahead of Interest Rate Decision; Contact Energy Rises 2% on Gas Deal New Zealand shares edged higher on Tuesday as investors closely watch the Reserve Bank of New Zealand (RBNZ...

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Contact Energy Rises 2% on Gas Deal New Zealand shares edged higher on Tuesday as investors closely watch the Reserve Bank of New Zealand (RBNZ) ahead of its meeting on Wednesday, where a decision on interest rates is expected.The S&P/NZX50 Index climbed 0.31% or 37.81 points to close at 12,319.06.The RBNZ faces a critical choice between maintaining its official cash rate at 5.5% or cutting it by 0.25%. Economists are divided on the outcome, though financial markets are leaning toward a rate cut, interest.co.nz reported.The central bank's decision is likely to set the tone for market movements in the coming days.On the domestic front, real estate platform Trade Me Property said the average asking price for New Zealand homes is now NZ$50,000 lower than at the start of 2024, the cheapest in three years, as listings swell to a 10-year high.Property valuation firm QV said New Zealand house prices fell by an average of 1.9% in the three months to July 30 as an ongoing economic downturn hit all but three of the nation's main urban areas with negative growth.In corporate news, shares of power generation firm Contact Energy (NZE:CEN, ASX:CEN) rose 2% at market close following an agreement to purchase around 3.5 petajoules of gas from Methanex from August to October, starting immediately.Comvita (NZE:CVT) Chief Executive Officer David Banfield has resigned as part of a wider restructuring of the company's executive team, with Chair Brett Hewlett stepping down to assume the role of acting CEO. 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