The New Zealand sharemarket finished “a rollercoaster” year with a 2.6 per cent gain after seeing in the new year on a flat note.

The S&P/NZX 50 Index had a bumpy half-day trading session and
closed at 11,770.49, up 1.81 points or 0.02 per cent after reaching an intraday low of 11,745.1.

There were 71 gainers and 48 decliners over the whole market on light volumes of 12.89 million share transactions worth $27.67 million.

The NZX top 50 index had its fifth-worst 12 months in 15 years.

The global financial crisis in 2008 saw the market tumble 32.8 per cent.

Since then, the only down years were minus 1.04 per cent in 2011, 0.4 per cent in 2021 and 12 per cent last year. The index had a gain of 13.92 per cent in 2020.

The best year was 2019 with a rise of 30.42 per cent, followed by 24.18 per cent in 2012, and 22.04 per cent in 2017. Since 2001, the index has averaged an annual gain of 8.9 per cent.

Shane Solly, portfolio manager with Harbour Asset Management, said it was a damp end to this year following two strong months of trading.

“It’s been a rollercoaster year and to finish ahead is no mean feat. We had a good rally early in the year, bumped along mid-year and by October when interest rates had increased strongly the market reached its low.

“Then we flipped the switch in early November when central banks started talking about pausing interest rate rises and thinking more about avoiding a recession,” Solly said.

The NZX index reached a low of 10,741.57 points on October 30, falling 7 per cent for the year, and then went on a strong run, rising 9.6 per cent over November and December.

Solly said next year was likely to be another volatile and bumpy period on the market.

“The fall in interest rates will take some pressure off the market, but we still have an economy that is resetting and [corporate] earnings risks coming through.

“I think it will still be a net positive year. There is likely to be some merger and acquisition activity and earnings are near the bottom for some companies, providing a base for growth,” he said.

“People just need to think medium- to long-term when investing in the sharemarket.”

On the last day of trading for 2023, Ryman Healthcare gained 11c or 1.88 per cent to $5.95; Port of Tauranga collected 9c to $5.62; Contact Energy was up 12c to $8.14; Heartland Group rose 6c or 4.17 per cent to $1.50; and Restaurant Brands increased 19c or 5.01 per cent to $3.98.

Restaurant Brands told the market its Australian subsidiary QSR Pty has been joined to another Federal Court class action filed by Gordon Legal.

Shine Lawyers has also taken similar action that includes competitor Collins Foods.

The legal action alleges that between December 2017 and 2023, KFC employees were not provided with paid 10-minute rest breaks.

NZME rose 5c or 4.85 per cent to $1.08; Winton Land was up 5c or 1.82 per cent to $2.80; Delegat Group rebounded 10c to $6.50; Argosy Property gained 2c or 1.79 per cent to $1.135; and Synlait Milk picked up 2c or 2.15 per cent to 95c.

Steel & Tube increased 4c or 3.74 per cent to $1.11; Pacific Edge gained a further 0.008c or 7.41 per cent to 11.6c; software firm Blackpearl Group was up 1.5c or 3.13 per cent to 49.5c; and CDL Investments added 2c or 2.5 per cent to 82c.

Among the retailers, KMD Brands was up 3c or 4.11 per cent to 76c; Briscoe gained 4c to $4.47; and Hallenstein Glasson declined 9c to $5.20.

Fisher & Paykel Healthcare was down 18c to $23.47; Ebos Group declined 40c to $35.10; Mercury Energy shed 9.5c to $6.605; Geneva Finance fell 2c or 5.41 per cent to 35c; 2 Cheap Cars decreased 4c or 4.65 per cent to 82c; and My Food Bag was down 0.008c or 4.71 per cent to 16.2c.

Health and wellness company Me Today fell 50 per cent to 0.001c after announcing a share consolidation in the new year, with 100 shares being exchanged for one share.