Stocks in New Zealand Hit All-time High

The NZX 50 climbed 145 points, or 1.1%, to close at 13,763 on Monday, extending gains from the previous session and hitting a record high, mainly buoyed by gains in the consumer staples, financials, and tech sectors. The broader index tracked a rise in US futures as Wall Street looked to extend its rally after the Dow Jones posted a record-setting week. Easing oil prices also fueled sentiment as inflation concerns subsided, reducing expectations of an interest rate hike. The rally was also supported by easing concerns about a Fed rate hike following the release of the jobs data last week, while traders anticipated the release of the Fed's meeting minutes due this week. However, traders remained cautious ahead of the RBNZ's monetary policy decision on Wednesday, with the market expecting the RBNZ to raise its policy rate by 25 bps to 2.5%. A2 Milk gained 2.8%, Ebos Group climbed 2.4%, and Infratil rose 2.0%, following a surge in the independent valuation of its data centre asset.

NZX 50 increased to an all-time high of 13763.00 Index Points. Over the past 4 weeks, NZX 50 INDEX GROSS gained 5.56%, and in the last 12 months, it increased 7.82%.

The NZX 50 climbed 23 points, or 0.2%, to 13,642 in Monday morning deals, extending gains from the previous session, hitting its highest level since February 27 and tracking a rise in US futures as Wall Street looked to extend its rally after the Dow Jones posted a record high. Easing oil prices also fueled sentiment as inflation concerns subsided, reducing expectations of an interest rate hike. The rally was also supported by easing concerns about a Fed rate hike following the release of the jobs data last week, while traders anticipated the release of the Fed meeting minutes due this week. However, traders remained cautious ahead of the RBNZ's monetary policy decision on Wednesday, with the market expecting the central bank to raise its policy rate by 25 bps to 2.5%. Financials, energy, materials, and consumer staples mainly drove the index, with notable gains from Infratil (3.0%), Vulcan Steel (1.9%), Delegat Group (1.5%), Chorus (1.0%), and A2 Milk (0.9%).