NZX 50 Ends 0.1% Higher, Halts Two-Day Slide

The NZX 50 climbed 19 points, or 0.1%, to 13,699 on Monday, halting losses from the previous two sessions and moving away from its lowest level since September 15, touched in the previous session, tracking a rise on Wall Street on Friday as a weaker-than-expected jobs report eased expectations of a Fed interest rate hike. Easing oil prices lifted sentiment, as concerns over inflation and interest rate hikes eased. The broader index was mainly driven by the materials, financials, and healthcare sectors. However, falls in consumer staples, utilities, and industrials capped the gain. Traders also anticipated the FOMC minutes later this week. Among the top movers were Colonial Motor (4.8%), Fisher & Paykel (1.3%), Westpac Banking Corp. (1.0%), FC Investment (1.0%), ANZ Group (0.8%), Infratil (0.8%), and Channel Infrastructure (0.6%).

The NZX 50 advanced 41 points, or 0.3%, to 13,722 in Monday morning deals, erasing losses from the previous two sessions and moving away from its lowest level since September 15, touched in the previous session, tracking a rise on Wall Street on Friday as a weaker-than-expected jobs report eased expectations of a Fed interest rate hike. The broader index was mainly driven by the financials, real estate, and industrial sectors. However, falls in energy, consumer staples, and consumer discretionary capped the gain. Traders also anticipated the FOMC minutes later this week and continued to monitor developments in oil prices after Yemen's Saudi-backed forces announced a major operation in an effort to take all territory held by the Houthis. Among the early gainers were Port of Tauranga (2.5%), Mainfreight (1.2%), Infratil (1.4%), Ebos Group (1.1%), Auckland International Airport (1.0%), FC Investment (1.0%), and Chorus (0.6%).

The NZX 50 dropped 130 points, or 0.9%, to close at 13,680 on Friday, down for the third straight session, touching its lowest level since September 15, with almost all sectors trading in the red, led by the tech sector. Persistently high oil prices pressured sentiment, raising concerns over inflation expectations and interest rate hikes, after a report that the US deployed more forces to the Middle East. Caution also prevailed as traders awaited US jobs data after the closing bell for clues about the Fed's monetary policy decision at its upcoming meeting. Fresh data also pressured sentiment, as New Zealand's consumer confidence eased in September. However, an upbeat session on Wall Street overnight capped the fall as the Treasury selloff eased. Among the biggest laggards were Port of Tauranga (-4.4%), Vulcan Steel (-2.9%), Sanford (-2.9%), EBOS Group (-2.5%), and Mainfreight (-1.3%). For the week, the index fell 0.9%, marking its first weekly decline in three weeks.