NZX Ends Higher, Posts Monthly and Quarterly Gains

The NZX 50 rose 76 points, or 0.6%, to close at 13,622 on Tuesday, extending gains from the previous session and hitting its highest level since February 27, tracking a rally on Wall Street overnight as traders reassessed the AI trade following the recent selloff while US-Iran tensions eased. Easing oil prices also lifted sentiment as inflation concerns eased, reducing expectations of an interest rate hike. Fresh data also boosted sentiment, as New Zealand's business confidence surged to its highest level since February, while China's private sector expanded at the fastest pace in six months. Gains in utilities, financials, and consumer staples mainly supported the broader index. Among the top performers were Scales Corp. (4.4%), Freightways Group (2.3%), Port of Tauranga (2.3%), Summerset Group (2.0%), Ebos Group (1.7%), A2 Milk (1.1%), and Chorus (1.1%). For the month and quarter, the index is on track for gains of 2.8% and 5.5%, respectively.

The NZX 50 rose 41 points, or 0.3%, to 13,586 in Tuesday morning trade, extending gains from the previous session and hitting its highest level since March 2, tracking a rally on Wall Street overnight as traders reassessed the AI trade following the recent selloff while US-Iran tensions eased. Easing oil prices also lifted sentiment as inflation concerns eased, reducing expectations of an interest rate hike. Gains in the technology, utilities, financials, and consumer sectors mainly supported the broader index. However, traders were cautious ahead of the release of New Zealand's consumer and business confidence data, due later this week, as well as China's PMI data and US jobs data for June, which will help gauge the economic outlook in the world's largest and 2nd-largest economies. Among early gainers were Gentrack Group (1.3%), A2 Milk (1.1%), F&C Investment (1.0%), and Contact Energy (1.0%). For the month and quarter, the index is on track for gains of 2.5% and 5.2%, respectively.

The NZX 50 climbed 50 points, or 0.4%, to close at 13,546 on Monday, reversing morning weakness after being flat in the previous session and hitting its highest level since March 4, mainly buoyed by gains in consumer non-durables, health technology, miscellaneous, and transportation. However, declines in utilities and communication services capped the gains. Traders also remained cautious ahead of the release of New Zealand's consumer and business confidence data for June, due later this week, as well as China's PMI data and US jobs data for June, which will help gauge the economic outlook in the world's largest and second-largest economies. Rising oil prices added to inflation concerns, further weighing on sentiment and raising expectations of an interest rate hike. Among the top gainers were A2 Milk (3.0%), Fisher & Paykel (2.0%), Mainfreight (1.8%), Gentrack Group (1.6%), Infratil (0.8%), and Auckland International Airport (0.8%).