Skip to content NZX 50 Hits 4-Month High – December 28-2023
The NZX 50, New Zealand’s primary stock index, rose by 90.25 points, a 0.77% increase, closing at 11,768.68 on Thursday. This marked its highest point in over four months. The climb happened during a quiet trading period before the holidays, with most sectors contributing to the gains.
Globally, stocks have been rallying. This has led to increased expectations that major central banks, including the US Federal Reserve, might cut interest rates in 2024. In New Zealand, there’s growing optimism that the Reserve Bank of New Zealand (RBNZ) might ease its strict policy. There’s a possibility the RBNZ could reduce rates earlier than its late 2025 forecast, aiming to boost the slowing economy.
In China, New Zealand’s main trading partner, Beijing and Shanghai made home buying easier this month. They lowered the downpayment requirements and made it simpler to qualify for lower mortgages on some homes. This move could impact New Zealand shares positively. Notable gains in the NZX 50 were seen in several companies. Restaurant Brands NZ surged 5.3%, Seeka Ltd. increased by 3.7%, and Delegat Group Ltd., Gentrack Group Ltd., and Winton Land Ltd. saw respective rises of 3.2%, 2.6%, and 1.9%.
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