The NZX 50 Index lost 36 points or 0.28% to close at 13,012 on Friday, after it reversed early gains of about 115 points, finishing the week 0.57% lower amid rising yields and COVID-19 Delta outbreaks. The New Zealand government 10 year bond yield reached 2.195% on Friday, last touched in March 2019, after tracking global yields and as the country’s central bank showed more propensity to hike rates despite its ongoing battle with COVID-19. The government also reported 65 fresh community cases in Auckland on Friday, forcing authorities to admit that the Delta outbreak is growing at a pace beyond expected. Moreover, energy stocks Meridian Energy (-1.33%) and Contact Energy (1.71%) dragged the market lower after they sold off on volume.
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 October of 2021.
The New Zealand Stock Market (NZX 50) is expected to trade at 12866.75 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 12229.43 in 12 months time.