27 Feb 2020

Markets pick up but business confidence continues to shrink

5:35 pm on 27 February 2020

It has been another volatile day for the markets, with a strong start to the day soured by a significant fall in business confidence.

NZX in Auckland.

(File image). Photo: 123RF

The NZX Top 50 Index was up more than 1 percent at the open, but the gains evaporated following the release of the ANZ Business Confidence survey, which revealed an increasingly pessimistic outlook on the economy.

The index ended down just under 1 percent, in line with weakness in Australia and other Asian markets.

The NZX Top 50 index dropped 0.8 percent, by 97 points to 11,437.

A near 5 percent gain in the value of market leader, A2 Milk, was more than offset by weakness in all the other leading companies.

The currency is steady, trading at 62.9 US cents, 95.9 Australian, and 48.7 British pence.