Equities in New Zealand were down 84 points or 0.72% to end at 11,435 on Friday, its lowest close since July 28th, registering a 1.3% decline weekly, with traders being uneasy following the third straight day of losses on Wall Street as many central banks, including the US Federal Reserve, aggressively hiked interest rates to cool inflation and signaled more hikes in coming months. In Australia, stocks tumbled near 2% as trading resumed after Thursday's holiday, amid reports that Australian 10-year yields rose to a more than 13-week top of 3.9%, tracking the US Treasury note that hit over 11-year highs Thursday. Turning to local data, imports to New Zealand touched a record amount in August while exports reached their lowest in six months, bringing a slightly widening trade gap. Sector-wise, non-energy minerals led the fall, followed by technology services, and utilities. Plexure Group plunged 9.1% while PaySauce, Savor Limited, and Smartpay sank 8.3%, 4.8%, and 4.7%, respectively.
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 September of 2022.
The New Zealand Stock Market (NZX 50) is expected to trade at 11200.41 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 10525.75 in 12 months time.