Sad Santa? Christmas rally looking less and less likely for NZ market

The US markets were particularly subdued, which was felt in New Zealand’s market from the moment it opened this morning.

Today the S&P/NZX 50 index fell 113.3 points or 0.98%, to 11,404.83. Turnover was $95.5 million.

Devon Funds head of retail Greg Smith summed up the lack of a Christmas rally so far this month in two words: Bad Santa.

Festive puns aside, Smith said investors everywhere were still holding out hope for a rally before the Christmas festivities started, but it was looking less likely by the day.