New Zealand Stocks Edge Higher to Start the Month

New Zealand's stocks rose 27 points, or 0.2%, to 13,726 in Monday morning trade, erasing losses from the previous session, mainly buoyed by the technology, communication services, and real estate sectors. The broader index tracked gains in US stock futures following an upbeat session on Wall Street on Friday, supported by a rally in technology stocks. Moderating oil prices also lifted sentiment, easing inflation concerns and tempering expectations of an interest rate hike. However, traders remained cautious ahead of the release of New Zealand's unemployment data due later this week. Caution also prevailed ahead of the release of China's private-sector PMI after last week's official survey showed the manufacturing sector had returned to contraction. On the data front, New Zealand building permits dropped 3.6% in June after an upwardly revised 4.9% fall in May. Among the best performers were Chorus (1.4%), Colonial Motor (1.3%), Freightways Group (0.7%), and Ebos Group

New Zealand's stocks dropped 64 points, or 0.5%, to 13,699 on Friday, extending losses from the previous session, as traders continued profit-taking after the index hit a third consecutive record high, mainly weighed down by communication services, consumer staples, and real estate. A rebound in the global technology sector was offset by a contraction in China's manufacturing sector, New Zealand's top trading partner. Traders were also cautious ahead of the release of New Zealand's unemployment data due next week. However, the latest data helped limit the decline, as New Zealand's consumer confidence hit a five-month high, while moderating oil prices eased inflation concerns and tempered expectations of an interest rate hike. Among the worst performers were A2 Milk (-2.6%), Ryman Healthcare (-2.3%), Chorus (-2.0%), and Ebos Group (-1.0%). For the week, the index fell 0.2%, while posting a 0.6% increase for the month, marking the sixth straight 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.