|Bid||27.08 x 190000|
|Ask||27.09 x 341400|
|Day's Range||26.94 - 27.36|
|52 Week Range||16.46 - 29.64|
|Beta (5Y Monthly)||0.92|
|PE Ratio (TTM)||16.45|
|Earnings Date||Oct 27, 2021|
|Forward Dividend & Yield||1.05 (3.87%)|
|Ex-Dividend Date||May 10, 2021|
|1y Target Est||N/A|
The strong jobs data affirms economists’ views that the RBNZ will raise the official cash rate (OCR) when it meets on August 18.
New Zealand's economic growth swept past forecasts in the first quarter on the back of a housing boom and strong retail spending, avoiding a second recession and bringing forward expectations for tighter monetary policy. Gross domestic product (GDP) rose 1.6% in the three months through to March, Statistics New Zealand said on Thursday, well ahead of a Reuters poll forecast of 0.5% growth and the Reserve Bank of New Zealand's (RBNZ) estimate of a 0.6% fall. New Zealand's success in virtually eliminating the coronavirus in the country allowed it to reopen its domestic economy must before other advanced nations, boosting employment and consumer spending.
ANZ Bank said on Monday that it expects New Zealand's central bank to begin raising the official cash rate (OCR) in August 2022, bringing forward its forecast as the economy recovers faster that expected. The Reserve Bank of New Zealand (RBNZ) will increase rates gradually but steadily, reaching 1.25% by the end of 2023, ANZ said in its note. However, consistent with its “least regrets” approach RBNZ will continue to signal that removal of policy stimulus remains a long way off, and perhaps suggest a rate hike in the second half of 2023 in its forecasts, ANZ said.