New Zealand shares hot,
All Blacks not
The results of Good Returns' first Chief Investment Officer survey.
Thursday, January 28th 1999, 12:00AM
New Zealand equities are the place to be for the best returns over the next year, according to a survey of a dozen chief investment officers.Good Returns has surveyed the CIOs on a variety of issues to get their view on where markets may head in the next 12 months.
They expect the NZSE 40 index to be somewhere between 2200 and 2500 by the end of the year. This represents a gain of between 2 per cent and 16 per cent on its current level.
International bonds were mentioned by two CIOs as the place to be in 1999.
There was much less agreement on the least favoured equity market. Asia and the United States were each picked by four CIOs and Japan was picked by one.
The CIOs had a general consensus on where the Reserve Bank would take monetary policy this year and where the dollar would go.
The majority of respondents said monetary policy would be tightened slightly, however several opted for a more neutral position.
On the currency front the Kiwi was expected to be a range between 0.5400 and 0.6000 against the United States dollar and 0.8350 and 0.8800 against the Australian dollar.
Only two CIOs though there would be an early general election, however all but two predicted Labour would lead the next Government.
Views were mixed as to whether this would be good or bad for the savings environment.
The one point they were most agreed on is that the All Blacks wouldn't win the World Cup.
A full copy of the survey results is in features.
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