A rally that’s taken New Zealand equities close to commanding $100 billion in market value for the first time is facing one of its biggest tests: the country’s weakening economic outlook.
A stellar 27% surge this year took the New Zealand Exchange 50 Gross Index to a record high on Sept. 6, even as economic indicators stoked concerns about growth. The equity measure slid 2.6% in the following three days as yet another report signaled that the economy is weakening. The gauge rose 0.2% to 10,949.10 as of 8 a.m. in Singapore on Thursday.