New Zealand Stocks Track Wall Street Higher

The NZX 50 climbed 26 points, or 0.2%, to 13,385 in Tuesday morning trade, erasing losses from the previous session and tracking a rally on Wall Street overnight, buoyed by easing oil prices after the US and Iran reached a peace deal. Healthcare, consumer staples, utilities, and consumer discretionary stocks mainly supported the index. However, fresh data limited the gains, as New Zealand's food inflation accelerated to 3.2% in May. Traders also awaited the release of a slew of economic data from China later today, while anticipating this week's release of New Zealand's Q1 GDP data and the Fed's monetary policy decision. Delegat Group surged 10.7% after the company revised its full-year earnings forecast upward. Other early gainers were A2 Milk (2.2%), Contact Energy (1.1%), Feightways Group (0.8%), Fisher & Paykel Healthcare (0.7%), Chorus (0.7%), and Ebos Group (0.3%).

The NZX 50 dropped 33 points, or 0.3%, to close at 13,361 on Monday, reversing its morning strength and erasing gains from the previous session, weighed down by disappointing economic data. Fresh data showed that New Zealand's private sector activity contracted at the fastest pace in 11 months, as the services sector shrank for the fourth consecutive month while manufacturing recorded its first contraction in 11 months. Traders also awaited this week's release of New Zealand's Q1 GDP data and the Fed's monetary policy decision. The broader index retreated from its highest level since March 6, reached in the previous session, due mainly to declines in healthcare, utilities, and communication services. However, losses were limited by positive data on New Zealand's card spending, which rebounded in May. Among the biggest laggards were Fisher & Paykel (-3.3%), Meridian Energy (-2.5%), Ebos Group (-1.7%), Freightways Group (-1.5%), and Contact Energy (-1.4%).

The NZX 50 rose 85 points, or 0.6%, to 13,479 in early Monday trading, extending gains from the previous session after news that the US and Iran had reached a peace deal, with the signing set for Friday. The broader index hovered near its highest level since March 6, mainly supported by consumer staples, financials, and consumer discretionary stocks. The latest data also lifted sentiment, with New Zealand card spending rebounding in May. However, gains were capped after New Zealand's private sector activity contracted at the fastest pace in eleven months, as the services sector shrank for the fourth consecutive month while manufacturing recorded its first contraction in 11 months. Traders also awaited this week's release of New Zealand's Q1 GDP data and the Fed's monetary policy decision. Among the early gainers were A2 Milk (4.5%), Ebos Group (4.2%), AFT Pharmaceuticals (1.6%), Freightways Group (1.1%), Infratil (1.1%), and Turners Automotive Group (1.2%).