NZX 50 posts biggest weekly gain in four years on rate cut optimism
The S&P/NZX 50 Index climbed 17.18 points, or 0.1%, to 12,727.75, taking its weekly gain to 4%. Across the main board, 97 stocks rose, 42 fell, and 40 were unchanged. Turnover was $104.7 million.
The benchmark index was already joining a global rally when it surged into life on Wednesday when the Reserve Bank of NZ (RBNZ) surprised some in the market by cutting the official cash rate a quarter-point to 5.25% and signalling more cuts to come as the economy faces a triple-dip recession and rising unemployment.
This week’s gain is the biggest since April 2020, when the market bounced sharply out of the covid slump.
“That’s a cracking week,” Mark Lister, investment director at Craigs Investment Partners, said. “We’re up 10% from recent lows over the last couple of months.”
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