Markets wrap: Business confidence highest since November 2021 [Video]

The sharemarket rose after a report showed businesses were feeling less downbeat about the economic environment.

The benchmark S&P/NZX 50 Index advanced 0.6%, or 74.659 points, to 11,808.12 on Thursday. On the broader market 76 stocks rose and 43 fell with $109 million shares traded.

The ANZ Business Outlook survey showed a net 18% of businesses expect economic conditions to weaken over the year ahead, an improvement from a net 31% in May and the highest read since November 2021. Firms expectations for their own trading turned positive for the first time in 14 months.

“While businesses remain downbeat, they are now feeling less nervous about the economic landscape. That comes against a backdrop of surging population growth, signs that interest rates are close to a peak, and a continued easing in inflation pressures,” Westpac senior economist Satish Ranchhod said …