ERROL PARKER | Editor-at-large | Contact
The New Zealand Stock Exchange suffered one of its worst days in recent history yesterday after it lost close to 40% of the market’s value.
It was a $35 bloodbath that saw some of Aotearoa’s largest companies endure even more pain.
One of them being Humpadink’s Pianos in Wellington, which lost nearly $9 worth of value in the day’s trade.
The CEO of the biggest piano retailer in New Zealand spoke candidly but anxiously to The Advocate this morning about what the road looks like moving forward.
“It’s going to be tough,” he said.
“We don’t have a lot of institutional investment in Humpadinks. Most of our shareholders are Mum & Dad investors. They’re going to be feeling this crash for years,”
“But we aren’t going to give up, we’re going to keep on going.”
The NZX of ‘Nifty Fifty’ as it’s affectionately known to investors here and in New Zealand, usually hovers between a market capitalisation of $80 to $100.
Quite a volatile economy but with great risk comes great reward, according to the Editor of The Advocate’s financial liftout, The Aspirational Weekly.
“Now is the time to invest in New Zealand, when the economy is on its last legs,” said Miles Overell, the Aspirational’s editor-in-chief.
“If the Australian economy is a Tesla X, New Zealand’s one is a 1984 Suzuki Mightboy powered by 6000 generic brand AAA batteries,”
“But one day, it’ll grow to be a mighty Prius. So now is the time to invest.”
More to come.