Market & Portfolio Update – September 2024

16 October 2024 by Lifetime in Market Update

Market & Portfolio Update – September 2024

The US equity markets ended the month +0.1%, ending the quarter up +1.8%. During September, the US Federal Reserve followed many other central banks and cut interest rates. Growing confidence that inflation is heading to 2% has allowed many central banks to reduce interest rates in the past few months.

China cut interest rates and signalled that it would follow up with additional stimulus aimed at stabilising its property sector and spurring consumer spending. The Chinese share market and many global companies exposed to the Chinese economy rose after the stimulus announcement.

The New Zealand Stock Exchange (NZX) had a busy month with two large listed companies announcing substantial capital raises. Fletcher Building announced a $700 million equity raise to help manage its debt. Meanwhile, Auckland International Airport announced a $1.4 billion capital raise to support the construction of its new domestic jet terminal, making it the largest equity raise in NZX history.

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