NZX 50 posts biggest weekly gain in four years on rate cut optimism

The S&P/NZX 50 Index's weekly gain was 4%. (Image: Getty)

Fri, 16 Aug 2024

New Zealand’s benchmark stock index rose the most in a week since the post-covid rebound as investors embraced the prospect of lower interest rates, reviving a stagnant economy and boosting the allure of companies that pay reliable dividends. The S&P/NZX 50 Index climbed 17.18 points, or 0.1%, to 12,727.75, taking its weekly gain to 4%. Across the main board, 97 stocks rose, 42 fell, and 40 were unchanged. Turnover was $104.7 million. The benchmark index was already joining a global rally when it surged into life on Wednesda...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

Lower bond yields lift NZ sharemarket

Lower bond yields have helped drive the NZ sharemarket sharply higher at the close.

Jamie Gray 6:15pm

Primary Sector

'Disciplined approach': Miraka sets opening milk price at $9.85/kgMS

Riley Kennedy 1:20pm

Technology

Korean explosions show hard road to hydrogen economy

A hydrogen economy needs a market and a social licence to operate.

Greg Hurrell 12:00pm

Korean explosions show hard road to hydrogen economy

Sponsored

Tired of missing out on getting to global summits to help grow your business?

Airwallex is offering a grant for NZ businesses to join the action.

Airwallex

Sponsored

Ready for the C-Suite leap?

Part-time programme. Full-time leadership transformation.

University of Auckland Business School

More Markets

Markets Market Close

Lower bond yields lift NZ sharemarket

Lower bond yields have helped drive the NZ sharemarket sharply higher at the close.

Jamie Gray 6:15pm

Markets

Turbulent market slashes 2 Cheap Cars' profit

New Zealand’s continued economic downturn, a sharp fall in immigration and consequent softer market demand has driven a 47% drop in profit for 2 Cheap Cars.The company reported total revenue of $81.9 million with 7675 cars sold in the year to March 31, down 6% compared to $86.7m...

Staff reporters 1:25pm