Company results trigger 'ferocious downgrade cycle', analyst says

Company results trigger 'ferocious downgrade cycle', analyst says
New Zealand equities' performance compared with global equities over the past year has been “particularly brutal”. (Image: Getty)
John Anthony
Recent results from New Zealand stock exchange-listed companies came in below already low expectations and resulted in one of the worst earnings downgrade cycles in 15 to 20 years, a senior analyst says.Over the past few weeks, many NZ stock exchange-listed (NZX) companies have reported their half-year or full-year results, and the consensus is most companies are doing it tough as economic conditions take a toll.Ferocious downgrade cycleForsyth Barr senior analyst Aaron Ibbotson said the brokerage firm went into the reporting season with &ldquo...

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