NZ shares down on ‘staggering’ GDP number

Thu, 16 Sep 2021

New Zealand shares fell and bond yields were up, as investors reacted to GDP data which showed the economy grew 2.8% in the second quarter of the year.The S&P/NZX 50 Index dropped 52.98 points, or 0.4%, to 13,079.51. Turnover was $158 million.Head of research at BNZ, Stephen Toplis said the number was “staggering” and showed there was more excess demand in the economy than previously thought. This gives the Reserve Bank of New Zealand, which was already eyeing a rate hike, even more reason to hit the economic brakes in Octo...

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