Year in review quiz
All figures current as at 8 December 2025.
The New Zealand sharemarket (based on the NZX 50 index) is up 2.8% this year, a more modest return than other markets but still the third positive year in a row. Where are New Zealand share prices relative to their COVID-era all-time high from 2021?
They're still more than 10% below that peak. We admit it, this was a trick a question. The NZX 50 index hit fresh highs this year, although it's a gross index which includes dividend payments (unlike most others). When we look at New Zealand share prices alone, the local market is still 14.1% below its 2021 peak.
Which sharemarket has performed best in 2025 (in local currency terms)?
Emerging market shares. This region includes the likes of China, India and other developing regions. Emerging market shares are up 28.8% this year, followed by Japanese shares at 20.7%.
The New Zealand dollar has had some ups and down this year. Against which currency has it fallen the most?
Euro. Our currency is down 8.2% against the euro in 2025, hitting levels we haven't seen since 2009. That's a problem if you're headed to Italy soon, although it's been a very strong tailwind for investors, pushing the return from European shares from 14.4% to 24.6%.
What about in the other direction - against which currency has the New Zealand dollar appreciated the most this year?
The US dollar. The greenback found itself out of favour in 2025, which has seen it slip against most other currencies, including ours. We’ve gained 3.3% this year against the US dollar, but at US$0.58 we’re still some 12% below the 30-year average of US$0.66.
The “Magnificent 7” cohort of stocks have had another strong year, but only two have outpaced the S&P 500 index. Which two was it?
Alphabet and NVIDIA. The S&P 500 is up 16.8% in 2025, although Alphabet (owner of Google) has gained 69.1% and NVIDIA as risen 35.8%. The only Mag7 stock that hasn’t increased double-digits in 2025 is Amazon, which is up 4.6%.
Gold prices have increased 59.9% in 2025. That's the strongest calendar year rise since when?
1979. Gold has had a fantastic run in 2025, for a range of reasons. We haven't seen a performance like this from the precious metal since the 1970s, when inflation was extremely high. Apart from this year, golds best performance in the past 45 years is a 30.9% gain in 2007, when the GFC first hit.
Bitcoin has had a rollercoaster year, falling in the first few months of 2025 before surging 63 per cent to hit fresh highs in October then slumping again after that. which of the below is closest to its year-to-date return?
Down 5%. Bitcoin is down 2.5% this calendar year, having slumped more than 27% from its peak in early October.
Which of the biggest 20 companies on the NZX has had the strongest year, in terms of returns to investors (the NZX 20 index is up 0.8%, FYI)?
a2 Milk. All four of those companies have delivered double-digit returns this year, but the star has been a2 Milk, which has returned 70.4% in 2025.
Two companies within the NZ top 50 have performed even better than a2 Milk this year, which are they?
Sanford and Tower. All the companies listed above have been excellent performers, returning more than 45% this year. However, Sanford (73.8%) and Tower (72.7%) take the top two spots on the podium, with a2 Milk in third place.
The Official Cash Rate (OCR) started the year at 4.25% and it’s now fallen to 2.25%, which many expect will prove to be the trough this cycle. Since the OCR came into being in 1999, at which level has it spend the most time?
2.50%. The OCR has spent about 20% of its time at 2.50%, slightly above where it is now, which makes that a typical level in the modern era. The OCR got as high as 8.25% leading into the GFC in 2007, and it’s lowest ever level was 0.25%, during the COVID-era.
Most of the major central banks have been reducing interest rates (to varying degrees and at a different pace) over the past year or two. However, one has been increasing interest rates, and is expected to keep doing that in 2026. Which is it?
Bank of Japan. After several years of negative interest rates, the Bank of Japan has increased its policy rate to a whopping 0.50%. It is expected to increase it again this month to 0.75%, which would see it at the highest since the 1990s!
The New Zealand housing market has had a challenging few years and prices are up a marginal 0.3% in the past 12 months. Many regions have seen property price declines over this period, but where have we seen the biggest gains?
The Real Estate Institute of New Zealand’s house price index for Invercargill is up 8.1% in the past 12 months, well ahead of Queenstown (3.8%), Tauranga (2.8%) and Christchurch (2.4%), which round out the top four.
You got {number correct}/{number of questions} correct answers
Not a bad effort, but you can do better. Subscribe to our Market Insights fortnightly enewsletter to keep up to date with the latest in investing and markets.
You got {number correct}/{number of questions} correct answers
You really know your stuff! To make sure you stay up to date with all things investing and sharemarkets, subscribe to our Market Insights fortnightly enewsletter