NZX 50 Extends Losses Toward Six-Week Low

The NZX 50 rose 92 points, or 0.7%, to 13,493 on Thursday, erasing losses from the previous three sessions, mainly boosted by gains in energy, healthcare, consumer staples, and communication services. The broader index tracked a rise in US futures after Micron posted a sizeable earnings beat and a better-than-expected outlook. Easing oil prices also lifted sentiment as inflation concerns moderated, reducing expectations of an interest rate hike. However, traders remained cautious ahead of the release of the final US Q1 GDP data and the May PCE Price Index later today, which could provide clues about the Fed's monetary policy decision at its upcoming meeting. A2 Milk surged 3.3% after declaring a USD 300 million special dividend for shareholders following the clearance of Chinese regulatory hurdles. Other gainers included Fisher & Paykel Healthcare (3.2%), Skellerup Holdings (2.7%), Ebos Group (1.6%), and Hallenstein Glasson Holdings (1.5%).

The NZX 50 climbed 25 points, or 0.2%, to 13,426 in Thursday morning trade, erasing losses from the previous three sessions, tracking a rise in US futures after Micron posted a sizeable earnings beat and a better-than-expected outlook. Easing oil prices also lifted sentiment as inflation concerns moderated, reducing expectations of an interest rate hike. However, traders remained cautious ahead of the release of the final US Q1 GDP data and the May PCE Price Index later today, which could provide clues about the Federal Reserve's monetary policy decision at its upcoming meeting, after it left interest rates unchanged last week. Consumer staples, energy, communication services, and utilities primarily drove the index, with notable gains from A2 Milk (4.2%), Scott Technology (2.4%), Channel Infrastructure (0.9%), Ebos Group (0.8%), and ANZ Group (0.4%).

The NZX 50 fell 35 points, or 0.3%, to close at 13,401 on Wednesday, retreating for the third consecutive session, mainly weighed down by losses in communication services, utilities, and healthcare. The broader index tracked a fall on Wall Street overnight driven by a sharp sell-off in chip stocks. Traders were also cautious ahead of the release of the US final Q1 GDP data and the May PCE Price Index later this week, which could provide clues about the Federal Reserve's monetary policy decision at its upcoming meeting, after it left interest rates unchanged last week. However, easing oil prices helped limit the decline as inflation concerns eased. Among the bottom performers were Meridian Energy (-2.5%), Summerset Group (-2.3%), Hallenstein Glasson (-1.4%), F&C Investment Trust (-1.2%), while Chorus and Contact Energy each fell 0.8%, and Ebos Group dropped 0.6%.