NZ market jumps up ahead of Fed decision tomorrow

The S&P/NZX 50 index rose 123.2 points, or 1%, to 12,090.93. Across the main board, 41 stocks fell and 82 rose. Turnover was $135.8 million.

February is set to be a busy month, with the US Federal Reserve reporting on its latest rate hike tomorrow NZ time while the start of a new earnings season for NZ’s listed companies is just around the corner.

Forsyth Barr analysts appear to be leaning towards being more anxious than excited over NZ’s earnings season, writing in an earnings preview yesterday that they were approaching the looming earnings season “with a fair degree of anxious anticipation”.

“Will this earnings season be the catalyst for major downgrades? We are sceptical,” they wrote. “This is an unusual downturn even by NZ standards.”