New Zealand Stocks Head for Monthly Gain

New Zealand's stocks climbed 92 points, or 0.7%, to 13,854 in Friday morning trade after retreating in the previous session, mainly buoyed by financials, communication services, and real estate. The broader index rebounded from a more than one-week low touched a day earlier, tracking a rally on Wall Street overnight amid a rebound in technology stocks. Fresh data also lifted sentiment, as New Zealand's consumer confidence hit a five-month high. Moderating oil prices also fueled sentiment, easing inflation concerns and tempering expectations of an interest rate hike. However, traders awaited the release of China's PMI data due later today and trade data due next week. Caution also prevailed ahead of the release of New Zealand's unemployment data due next week. Among the early gainers were Infratil (2.1%), Meridian Energy (1.8%), Fisher & Paykel (1.2%), and Ebos Group (1.0%). For the week, the index is heading for a 0.6% gain, while posting a 1.7% increase for the month.

New Zealand's stocks fell 214 points, or 1.5%, to close at 13,763 on Thursday, mainly weighed down by financials, healthcare, consumer staples, communication services, and materials, as traders took profit after the index posted a third consecutive record high. The broader index touched a more than one-week low, tracking a decline on Wall Street overnight after the Fed maintained interest rates. Traders anticipated the release of China's PMI, due on Friday, as investors monitored economic conditions in New Zealand's top trading partner amid uncertainty over the global outlook. A positive reading on New Zealand business confidence prevented the index from falling further, as sentiment rose to its highest level in five months, while moderating oil prices eased inflation concerns and expectations of an interest rate hike. Among the bottom performers were Vulcan Steel (-6.1%), Ryman Healthcare (-4.3%), A2 Milk (-3.4%), Fisher & Paykel (-2.4%), and Auckland International Airport (-1.9%).

New Zealand's stocks dropped 39 points, or 0.3%, to 13,937 in Thursday morning deals, as traders took profit after the index posted a third consecutive record high. The broader index tracked a decline on Wall Street overnight after the Fed held interest rates, while a selloff in chipmakers persisted ahead of major tech earnings. Rising oil prices also pressured sentiment further amid concerns that inflation risk could raise expectations of an interest rate hike. Traders also anticipated the release of New Zealand's July business confidence data due later today, after the figures hit a four-month high in June, as well as China's PMI due on Friday. Financials, communication services, and utilities mainly weighed on the index, with early decliners including Infratil (-1.1%), Scales Corporation (-0.8%), and ANZ Group (-0.5%). Meanwhile, Westpac Banking Corporation, Mainfreight, and Ebos Group each fell 0.3%.