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

Mon, 04 Mar 2024

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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