Market & Portfolio Update - October 2022
October provided a much needed reprieve for global share markets, rising 7.2% (in local currency terms). The month saw a number of companies report their latest earnings numbers, which at a broad level, were better than expected.
The NZ share market ended the month up 2.5%. Performance of the listed travel-related companies was particularly strong, with Tourism Holdings and Auckland International Airport up 32% and 7%, respectively. During the month, both companies upgraded their profit guidance due to increased certainty on revenues and tourism numbers.
The latest data shows New Zealand’s annual inflation rate to the end of September was 7.2%. This was a slight moderation from 7.3% in June but remains well above the RBNZ’s 1-3% target. Market expectations are now for the RBNZ to progressively raise the OCR to around 5% by May next year (currently 3.5%).
RBNZ Cuts OCR to 2.5%: What It Means for Borrowers
On 8 October 2025, the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) by 50 basis points to 2.5%, its largest move in more than three years.
