New Zealand Stocks Snap 3-Session Losing Streak

The NZX 50 increased 35 points, or 0.3%, to 13,052 in Wednesday morning trade, halting losses from the previous three sessions and tracking a rise on Wall Street overnight, supported by optimism over US-Iran ceasefire talks. The broader index rose from its lowest level since April 2, reached a day earlier, mainly boosted by healthcare, consumer staples, consumer discretionary, and materials. However, Tuesday's Chinese trade balance data, from New Zealand's top trading partner, capped the gain, as the mainland's exports rose much less than expected. Traders also anticipated the release of a slew of economic data from China on Thursday, including Q1 GDP, amid rising oil prices. Among early gainers were Henderson Far East Income (1.8%), Chorus (1.0%), A2 Milk (0.8%), Auckland International Airport (0.5%), and Mainfreight (0.4%).

New Zealand stocks fell slightly by 3 points, or 0.02%, to close at 13,017 on Tuesday, reversing early gains and extending losses for a third straight session. The NZX 50 remained at its lowest level since April 2, as hopes of further US–Iran peace talks failed to lift market sentiment amid US President Trump’s threats to destroy Iranian ships in the Strait of Hormuz. Monday’s data continued to weigh on sentiment, as the country’s services sector shrank the most in 10 months. Chinese trade data also added pressure, given that China is New Zealand’s top trading partner, with exports growing far less than expected. Most sectors traded in the red, including consumer staples, communication services, financials, and technology. The worst performers included A2 Milk (-2.8%), amid expectations of profit forecast cuts linked to supply chain disruptions, Westpac Banking Corp. (-2.3%), Gentrack Group (-2.1%), Chorus (-2.1%), Mainfreight (-0.8%), and Infratil (-0.8%).

The NZX 50 climbed 70 points, or 0.5%, to 13,090 in Tuesday morning deals, halting losses from the previous two sessions and tracking a rise on Wall Street overnight amid hopes of resumed negotiations between the US and Iran, although US President Trump threatened to destroy Iranian ships in the Strait of Hormuz. The broader index rose from its lowest level since April 2, reached a day earlier. However, traders are awaiting the release of Chinese trade balance data later today, as China is New Zealand’s top trading partner, and are anticipating a slew of data from China on Thursday, including Q1 GDP. Healthcare led the gains, followed by consumer staples, real estate, and industrials. Among early gainers were Ryman Healthcare (3.0%), Ebos Group (2.0%), Fletcher Building (2.0%), Freightways (1.4%), Chorus (0.9%), AFT Pharmaceuticals (0.8%), Fisher & Paykel Healthcare (0.5%), and ANZ Group (0.4%).