NZ sharemarket battling to open, again

The NZX initially failed to open again this morning after a series of cyber attacks hit the exchange last week.

The stock exchange was expected to open at 10am and extend trading at the end of the day to accommodate expected changes arising from the quarterly index review of MSCI equity indices.

However, at 10.20am the website was down with a host error message. Read more on the latest on the cyber attacks here.

Shortly after 10.30am the website was back up.

NZX said this morning an “adjust” session will operate from 5:00 pm to 5:45pm to accommodate the MSCI rebalancing, which would normally see significantly increased volume traded.

The local market’s S&P/NZX50 index finished at a record high of 12,093.52, up 40 points, on Friday after intermittent trading.

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The US sharemarket had another very strong week, with the S&P 500 rising 3.3 per cent to also finish at a new record.

It is now 3.6 per cent above its pre-Covid high and is up 8.6 per cent in 2020.

Despite a highly disrupted few days of trading, the local NZX50 rallied 2.2 per cent for the week and also surpassed its pre-Covid closing high from February.

“However, it should be noted that the US and New Zealand are the exception, rather than the rule,” brokers Craigs IP said.

“Most other major sharemarkets are still some way below the highs reached earlier in the year,” it said.

The FTSE 100 in the UK is 22.3 per cent down from those levels, while the Australian ASX 200 and the European Stoxx 600 are 13.8 per cent and 15.0 per cent below their respective peaks.

Japanese and emerging market shares have performed better and are just 5.0 per cent and 2.2 per cent down from their respective highs from early 2020.

Read More: NZ sharemarket battling to open, again

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