Market & Portfolio Update - February 2025
The Global share market was broadly flat in February, up +0.2% in NZ dollar terms, despite news that US President Donald Trump was imposing 25% tariffs on the United States’ North American neighbors and closest trading partners, Canada and Mexico. An additional 10% tariff on Chinese imports is also expected to come into force, leaving all of America’s top three trading partners facing significantly higher barriers.
The New Zealand share market had an eventful month, with most companies reporting their half-year results. A2 Milk delivered a very strong result and announced it would pay its first-ever dividend, beating market expectations. In contrast, rest home operator Ryman Healthcare cited ongoing challenging market conditions and announced a $1 billion capital raise to reduce debt and strengthen its balance sheet.
During the month, the Reserve Bank of New Zealand continued their attempt to invigorate the domestic economy by lowering the Official Cash Rate to 3.75% (from 4.25%). While this is good news, it was largely expected by the market and didn’t cause any strong market movement on the day.
The Summer Reset
Summer has a way of easing the pressure. The days feel longer, the calendar softens, and life slows just enough to remind us that not everything needs to be urgent, solved, or optimised right now. It’s a subtle shift, but a powerful one. And it’s what we like to think of as the summer reset.
Lifetime Book Club: Ikigai by Héctor García & Francesc Miralles
“The happiest people are not the ones who achieve the most. They are the ones who spend their lives doing what they love, with purpose.”
That is the central idea of Ikigai.
This is not a hustle manual or a step-by-step guide to success. It is a gentle, thoughtful exploration of what gives life meaning, and how small, intentional choices can lead to a longer, happier, more fulfilled life.