30 Sep 2014

Dollar makes gains, market weaker

6:06 pm on 30 September 2014

The New Zealand dollar has clawed back some of its losses, following news yesterday that the Reserve Bank had sold off $521 million last month.

The dollar opened at about 77.5 US cents and gained throughout today.

The head of institution foreign exchange sales at ASB, Tim Kelleher, said the currency has retraced some of its loss.

At 5.20pm, the New Zealand dollar was trading at 77.98 US cents, 89.1 Australian cents, 47.96 British pence, 0.6142 euro, 85.24 yen and 4.79 renminbi.

The New Zealand sharemarket was slightly weaker, taking its lead from overseas markets. The benchmark Top 50 Index was down 4 points to 5255 at the close of trade today.

The head of wealth research at Craigs Investment Partners, Mark Lister, said the local market had a cautious tone ahead of some key economic news in the United States, and the general global political uncertainty.

Among the leaders, Xero's share price rose 60 cents to $21.60. Air New Zealand fell slighty by 3 cents to $1.94 following its annual meeting this afternoon, while Geo-op ended down 17.7 percent to 51 cents following its annual meeting this morning.

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