NZ market edges up as CPI data remains stable

The S&P/NZX 50 index rose 61.6 points, or 0.5%, to 11,994.51. Across the main board, 55 stocks fell, and 70 rose. Turnover was $137.2 million.

Jeremy Sullivan, an investment adviser at Hamilton Hindin Greene, said today’s CPI release was the big news of the day.

‘People's expectations of interest rates are ebbing, and the consensus is that inflation may have peaked,” he told BusinessDesk. “That's good for the market and we’re broadly higher today.”

The CPI lifted at an annual rate of 7.2% in the December quarter of 2022 – the same as the prior quarter – with quarterly inflation coming in at 1.4%.