MARKET COMMENT: NZX-50 Likely Supported By RBNZ Comments

2057 GMT [Dow Jones] The NZX-50 is likely to be supported after RBNZ Governor Graeme Wheeler keeps the OCR on hold at 2.5% and highlights the economic risks posed by a drought in New Zealand, says Craigs Investment Partners Broker James Porteous. "I think it will be quite bullish for the market," he says. "The drought might bite into the economy, it will slow the economy, which mostly ensures that interest rates will stay down for a bit longer and that's good for the market," he adds. He doesn't expect any specific stock to stand out but "it will likely be another positive day." The NZX-50 shed 0.9%, or 38 points, to end at 4341.148 Wednesday. (rebecca.howard@wsj.com)

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