Market & Portfolio Update - February 2023

16 March 2023 by Lifetime in Market Update

Market & Portfolio Update - February 2023

After a strong rally to start the year, global share markets gave back some of their gains in February. Surprisingly strong economic data led investors to expect higher interest rates which weighed on equity valuations. The strength of the US labour market was particularly surprising, as the unemployment rate fell to a 53-year low of 3.4%.

The strong economic data and higher interest rate outlook saw the USD appreciate 4% against the NZD. This more than offset the decline in global share markets for New Zealand based investors.

As was widely expected, the Reserve Bank of New Zealand raised the OCR by 0.5% to 4.75%, marking the 10th consecutive increase in New Zealand’s benchmark interest rate. Current market expectations are for the OCR to peak at around 5.5% by mid-2023.

February was a busy month for New Zealand listed companies. Overall results were mixed, with some companies’ results disappointing and others beating expectations. Auckland International Airport’s results were particularly well received, with revenue up 130% since last year, fuelled by a robust recovery in international tourism.

preview image - 9 Financial Habits Of Successful People

9 Financial Habits Of Successful People

Discover the secrets to financial success as we delve into the nine key habits practiced by prosperous individuals. From continuous learning and strategic investment to smart spending and insurance protection, this article offers invaluable insights to empower you on your journey towards financial freedom.

10 April 2024 by Lifetime in Financial Planning, Learning & Development
preview image - Business Must Do’s During The End of the Financial Year

Business Must Do’s During The End of the Financial Year

As the end of the financial year approaches on 31 March 2024, there are a few things to take a look at to ensure you are prepared. We’ve built a checklist of reminders to make sure that you don’t miss a step.

28 March 2024 by Hope Etienne in Accounting