NZX 50 Rally Persists, Ends at Fresh Record High

New Zealand's stocks rose 115 points, or 0.8%, to close at a record high of 13,977 on Wednesday, marking their third consecutive record close, with almost all sectors trading in the green. The gains were mainly driven by materials, healthcare, consumer staples, and communication services. Traders maintained momentum as they braced for the upcoming earnings season next month, though oil prices rebounded amid renewed escalation of the conflict in the Middle East and the global tech selloff. However, traders remained cautious ahead of the Fed's interest rate decision later today. The top performer was AFT Pharmaceuticals (7.6%) after the company said its portfolio of projects opened the business up to multi-billion-dollar market opportunities. Other notable gainers were Ebos Group (4.6%), Fisher & Paykel Healthcare (2.5%), Chorus (2.5%), Delegat Group (1.7%), A2 Milk (1.4%), Mercury NZ (1.2%), Auckland International Airport (0.9%), and Infratil (0.9%).

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%).