Nikko's Williams warns NZ shares are "expensive"

Wed, 06 Apr 2016

By Sophie Boot April 6 (BusinessDesk) - Nikko Asset Management's head of equities Stuart Williams has warned New Zealand's share market is overly expensive though he acknowledged that yield has held up. Speaking at the company's 2016 Investment Summit today, Williams justified his view by pointing to a current price-to-earnings ratio of 18.5, compared to a five-year average of 16.2. Williams said the NZX50 was likely to deliver a more modest return this year than in 2015 when the market gained 13 percent while noting it has already ri...

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