NZX 50 Hits Fresh Record High in Morning Trade

New Zealand's stocks climbed 15 points, or 0.1%, to 13,877 in Wednesday morning trade, supported by gains in real estate, energy, consumer discretionary stocks, financials, and communication services. The broader index hit a new intraday record high after closing at a record high of 13,862 a day earlier, marking its second consecutive record close. Traders tried to maintain momentum, though oil prices rebounded amid renewed escalation of the Middle East conflict. However, traders remained cautious ahead of the Fed's monetary policy decision and China's PMI data, as well as the release of New Zealand's consumer confidence and business outlook data for July, due later this week. Among the early gainers were AFT Pharmaceuticals (2.2%), Delegat Group (1.9%), Ventia Services Group (1.8%), Chorus (1.2%), Ebos Group (1.1%), Channel Infrastructure NZ (0.9%), and Freightways Group (0.7%).

New Zealand's stocks ticked up 11 points, or 0.1%, to close at 13,862 on Tuesday, reversing morning losses, buoyed by gains in healthcare, communication services, industrials, and consumer staples. The broader index hit a new record high, marking its second consecutive record close, after closing at 13,851 a day earlier. Easing oil prices continued to lift sentiment as easing inflation concerns reduced expectations of further interest rate hikes. However, a decline in US stock futures limited the gains amid a global tech selloff. Traders also remained cautious ahead of the Fed's monetary policy decision and China's PMI data, as well as the release of New Zealand's consumer confidence and business outlook data for July, due this week. Among the best performers were AFT Pharmaceuticals (5.2%), Fisher & Paykel Healthcare (2.2%), Auckland International Airport (1.0%), Australian Foundation Investment (0.8%), ANZ Group (0.7%), F&C Investment Trust (0.7%), and a2 Milk (0.6%).

New Zealand's stocks dropped 44 points, or 0.3%, to 13,806 in Tuesday morning deals, as traders took profit after the index hit a record high a day earlier, buoyed by easing oil prices. Traders remained cautious ahead of the Fed's monetary policy decision and China's PMI data, as well as the release of New Zealand's consumer confidence and business outlook data for July, due this week. The broader index tracked a decline in US stock futures, amid a selloff in chipmakers. However, easing oil prices due to moderating Middle East tensions helped limit the decline, as easing inflation concerns reduced expectations of further interest rate hikes. The financial, healthcare, industrial, and real estate sectors mainly weighed on the index. Colonial Motor dropped 1.5%, Auckland International Airport fell 1.3%, Infratil decreased 1.2%, Ventia Services Group fell 0.8%, while Fisher & Paykel Healthcare and Henderson Far East Income each shed 0.6%.