Shares in New Zealand fell 16.78 points or 0.14% to end at 11,864.12 on Tuesday, shifting from gains in early trade and mirroring the negative lead from Wall Street Monday as investors weighed whether the US Federal Reserve might pause its interest rate hikes at its meeting next week. Traders were also uneasy after Australia unexpectedly raised cash rates by 25bps to their highest level in over 11 years of 4.1% while warning that further tightening might be required to bring down the country’s persistently high inflation rate. Limiting the losses was news that New Zealand's FTA with the UK could boost the nation's GDP by up to $1 billion annually. Shares of the surgical-device supplier, Ebos Group, sank 9.8% to their lowest level in 7 months after the company said Chemist Warehouse had decided against renewing a wholesale contract at its Australian pharmacy chain. Other biggest laggards were Tourism Hlds. (-6.8%), Seeka Ltd. (-3.6%), Solution Dynamics (-1.4%), and Comvita NPV (-1%).
Historically, the New Zealand Stock Market (NZX 50) reached an all time high of 13643.78 in January of 2021. New Zealand Stock Market (NZX 50) - data, forecasts, historical chart - was last updated on June of 2023.
The New Zealand Stock Market (NZX 50) is expected to trade at 11663.48 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 11034.98 in 12 months time.