NZX 50 Edges Higher in Morning Trade

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%.

The NZX 50 dropped 38 points, or 0.3%, to 13,398 in Wednesday morning trade, extending losses from the previous two sessions, as it tracked a decline on Wall Street overnight driven by a steep sell-off in chip stocks amid concerns that AI hyperscalers may be forced to slow spending on AI infrastructure. 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. Financial, technology, healthcare, and industrial stocks weighed on the index, with notable losses from Summerset Group (-2.3%), Fletcher Building (-2.1%), Ryman Healthcare (-1.3%), Gentrack Group (-1.1%), Hallenstein Glasson (-1.1%), Mainfreight (-0.9%), and Infratil (-0.6%).