NZ equities and dollar follow GDP higher

The S&P/NZX 50 Index rose 59.78 points, or 0.5 percent, to 12,888.77. Within the index, 28 stocks fell, 17 rose and five were unchanged. Turnover was $160.4 million.

Data released by StatsNZ today showed gross domestic product expanded 14 percent in the September quarter, a stronger than expected rebound from the previous quarter which recorded an 11 percent contraction due to covid lockdowns, a smaller decline after a revision.

“Today’s GDP report confirmed what we have been saying for many months: successfully eliminating the spread of covid-19 has allowed the New Zealand economy to rapidly swing back into action once the restrictions were lifted,” said Michael Gordon, senior economist at Westpac.