New Zealand Equities Head for Weekly Gain

New Zealand stocks climbed 94 points, or 0.7%, to 13,940 in Friday morning trade, after retreating in the previous session, tracking a rise on Wall Street overnight due to easing Treasury yields. The gain was mainly supported by advances in financials, energy, materials, utilities, and healthcare. However, traders anticipated US jobless rate data due later today, China’s consumer and producer data, as well as trade figures for August due next week. Domestically, manufacturing PMI data will also be announced next week, after factory activity softened in July. Among early gainers were Infratil (2.4%), Briscoe Group (1.4%), Contact Energy (1.4%), EBOS Group (0.8%), Auckland International Airport (0.7%), A2 Milk (0.6%), Fisher & Paykel (0.5%), and Freightways Group (0.5%). For the week, the index is heading for a 1.2% rise, after falling in the previous month.

New Zealand stocks fell 84 points, or 0.6%, to close at 13,846 on Thursday, halting gains in the previous session, mainly weighed down by the technology, consumer discretionary, and industrial sectors. Traders continued to assess Wednesday’s RBNZ monetary policy decision to hike interest rates by 25 bps. The RBNZ signaled its determination to return price growth to its 1% to 3% target range. Meanwhile, a rally on Wall Street overnight prevented the index from falling further, buoyed by solid gains in heavyweight technology stocks. On the data front, New Zealand’s terms of trade fell further, with exports rising less than imports. The latest data followed Wednesday’s figures, with consumer confidence also easing in August. Among the decliners were Gentrack Group (-3.7%), Fletcher Building (-2.3%), A2 Milk (-2.1%), Chorus (-1.9%), Briscoe Group (-1.8%), Mainfreight (-1.5%), and Freightways Group (-1.1%).

New Zealand stocks were almost flat, trading around 13,937 in Thursday morning deals, after gaining in the previous session, as gains in consumer staples, real estate, and financials offset declines in energy, consumer discretionary, and healthcare. Traders continued to assess Wednesday’s RBNZ monetary policy decision to hike interest rates by 25 bps. The RBNZ signaled its determination to return price growth to its 1% to 3% target range. However, rising oil prices limited the gains amid heightened inflation concerns and reinforced expectations of an interest rate hike amid escalating Middle East tensions. Meanwhile, an upbeat session on Wall Street overnight lifted sentiment, buoyed by solid gains in heavyweight technology stocks. On the data front, New Zealand’s terms of trade continued to fall, with exports rising less than imports. Delegat Group advanced 1.3%, Chorus gained 0.9%, and A2 Milk rose 0.6%, while Fletcher Building and Fisher & Paykel fell 1.0% and 0.3%, respectively.