NZX 50 Snaps 2-Session Losing Streak, Ends 0.2% Higher

New Zealand stocks climbed 27 points, or 0.2%, to close at 13,819 on Wednesday, halting losses from the previous two sessions, buoyed by gains in financials, utilities, and communication services. Tuesday’s report from Moody’s ratings agency continued to support sentiment, saying New Zealand’s economic recovery is underway, though warning that several issues remain unresolved. However, a downbeat session on Wall Street overnight limited the gains, as rising oil prices amid the escalating conflict in the Middle East raised concerns over inflation and boosted bets that central banks would raise interest rates. Fresh data from China, New Zealand’s top trading partner, also capped the index, as consumer and producer price pressures continued to rise amid higher oil prices. Among the top movers were Sanford (1.6%), Mercury NZ (1.4%), Contact Energy (1.2%), Mainfreight (0.9%), Infratil (0.8%), ANZ Group (0.7%), Delegat Group (0.7%), and A2 Milk (0.5%).

New Zealand stocks advanced 17 points, or 0.1%, to 13,810 in Wednesday morning trade, erasing losses from the previous two sessions, supported by gains in communication services, utilities, technology, and real estate. A report from Moody’s ratings agency continued to lift sentiment, saying New Zealand’s economic recovery is underway, though warning that several issues remain unresolved. However, a downbeat session on Wall Street overnight capped the gains, as rising oil prices amid the escalating conflict in the Middle East raised concerns over inflation and boosted bets that central banks would raise interest rates. Caution also prevailed ahead of China’s consumer and producer price data later today, amid persistently weak domestic demand. Among the early gainers were Gentract Group (2.1%), Sanford (1.8%), Mercury NZ (1.4%), Contact Energy (0.7%), and F&C Investment Trust (0.5%).

New Zealand stocks dropped 150 points, or 1.1%, to close at 13,793 on Tuesday, down for the second straight session, mainly weighed down by materials, technology, energy, and utilities. Rising oil prices also pressured sentiment amid the escalating conflict in the Middle East, raising concerns over inflation and boosting bets that central banks would raise interest rates. Caution also prevailed ahead of China’s consumer and producer price data due on Wednesday, amid persistently weak domestic demand. However, a report from Moody’s ratings agency capped the fall, saying New Zealand’s economic recovery is underway but warning that several issues remain unresolved. Fresh data from China, New Zealand’s top trading partner, showed that China’s export growth remained robust in August. Among the biggest laggards were Gentrack Group (-5.1%), Mercury NZ (-2.5%), ANZ Group (-2.4%), Mainfreight (-2.3%), Fletcher Building (-2.3%), Channel Infrastructure (-1.4%), and Infratil (-1.1%).