NZ shares fall in last trading session of the year

Today, the S&P/NZX 50 index fell 65.2 points, or 0.57%, to 11,473.24. Turnover was a very light $42.8 million. The trading session ended in the early afternoon today before the New Year’s public holiday.

SPI Asset Management managing partner Stephen Innes said in a note this morning that overseas investors were “heaving a sigh of relief” on the penultimate trading day of 2022 due to stocks recovering some of the losses that international markets had seen since Christmas.

“Considering the market news was sparse, the shift higher has the hallmarks of a dead cat bounce,” he said, referring to share prices seeing a temporary recovery after a considerable fall.

Although corporate news was starting to trickle back in after the post-Christmas haze, the most significant mover in NZ’s market today was The Warehouse.