New Zealand Stocks Close 0.6% Higher

New Zealand's stocks rose 76 points, or 0.6%, to close at 13,774 on Monday, halting 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 supported 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. Disappointing China's PMI, however, capped gains, with factory activity growing at the slowest pace in four months. On the data front, New Zealand building permits dropped 3.6% in June after an upwardly revised 4.9% fall in May. Among the top movers were Channel Infrastructure (1.5%), Briscoe Group (1.3%), Fisher & Paykel Healthcare (1.1%), Chorus (1.1%), and Freightways Group (1.1%).

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.