New Zealand Shares Muted Ahead of Central Bank's Rate Decision; Santana Climbs 14% on Fast-Track Bill Inclusion

MT Newswires Live10-07

New Zealand shares were muted on Monday ahead of the central bank's monetary policy decision, with analysts and investors assessing the extent of the board's expected rate cut.

The S&P/NZX 50 Index was little changed at 12,596.87.

The Reserve Bank of New Zealand will release its monetary policy review on Wednesday. Sixty percent of the 28 economists polled by Reuters expect the board to cut the key rate by half a point following the 25-basis-point cut to 5.25% in August.

Still in domestic news, the country's official reserve assets marginally fell to NZ$32.54 billion in September from NZ$32.57 billion in August, data from the central bank showed Monday.

In corporate news, CDL Investments New Zealand's (NZE:CDI) R2 Growth Cell and Arataki Road project developments and Santana Minerals' (NZE::SMI, ASX:SMI) Bendigo-Ophir gold project will be included in the government's fast-track approvals bill. At market close, CDI's shares were up nearly 1%, while Santana climbed almost 14%.

Black Pearl Group (NZE:BPG) completed its off-market placement of NZ$10.5 million worth of shares and rolled out its NZ$2 million share purchase plan. The data technology company closed about 8% lower on Monday.

Radius Residential Care (NZE:RAD) will acquire a 51% stake in Cibus Catering for NZ$1.9 million. The aged care services company's shares were down nearly 3% at market close.

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