The ANZ 50 shed 66.45 points or 0.55% to finish at 11,967.72 on Tuesday, mirroring a weak session in US stocks Monday while retreating from 9-1/2-month tops hit recently, as caution prevailed ahead of a slew of central bank policy meetings this week, including the US Federal Reserve. Meantime, markets in Australia traded lower for the second day after weak retail trade data for December while those in China eased slightly despite data showing an upturn in both the manufacturing and services sectors. Domestically, Prime Minister Chris Hipkins announced a cabinet reshuffle today, saying the new line-up will focus on the cost of living, education, and health as the country is preparing for the October election. Skellerup Hlds. posted sharp losses (-4.8%), as did Napier Port Hlds. (-3.6%), Ebos Group (-3.1%), Contact Energy (-1.5%), and Freightways Ltd. (-0.9%). Still, the index jumped 2.9% monthly, supported by rapid China's reopening and expectations of slower rate hikes in the US.
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 January of 2023.
The New Zealand Stock Market (NZX 50) is expected to trade at 11780.89 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 11047.89 in 12 months time.