The Q2 shift was likely influenced by a deterioration in US market performance and the lead up to the New Zealand general election, Sharesies said.
The index closed September at 36 (cautious), down seven points from 43 (balanced) at the end of Q1 in June. However the level remains much higher than earlier in 2023, when it fell to 21 (concerned) in April.
Sharesies created the index to gauge how retail investors feel about investing and where the mood is trending. It aggregates and ranks anonymised data from across the platform to produce a confidence scale of 0 (concerned) to 100 (extremely confident).
With more than a million investors on Sharesies, it has one of the largest datasets in New Zealand from which to gather retail investor insights, it says.
Key inputs include the ratios of buying and selling, deposits and withdrawals, investing in companies versus funds, and the volatility of the 50 most owned investments on Sharesies – dubbed the Sharesies bundle.
Q2 data showed that July and August were Sharesies’ second and third-highest trading months ever, approaching record levels seen in November 2021.
“This quarter the average net buy/sell ratio has trended upwards, finishing September with a high of 1.31, meaning investors are on average buying more than selling.”
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