New Zealand Stocks Muted in Morning Trade

The NZX 50 was almost flat, trading around 13,696 in Wednesday morning deals, after remaining flat in the previous session, as gains in consumer staples and real estate offset declines in consumer discretionary and communication services. Easing oil prices lifted sentiment as concerns over inflation and interest rate hikes eased. An upbeat session on Wall Street overnight also fueled sentiment, with the S&P 500 hitting a fresh record high, buoyed by heavyweight tech stocks as a surge in bond yields paused, easing pressure on the sector’s credit outlook. However, caution prevailed ahead of the release of the FOMC minutes later this week. Vulcan Steel advanced 2.0%, Briscoe Group rose 1.1%, EBOS Group gained 1.1%, and Fletcher Building climbed 0.9%, while Hallenstein Glasson, South Port New Zealand, and Westpac Banking Corp. dropped 1.5%, 0.7%, and 0.4%, respectively.

The NZX 50 was almost flat, closing at 13,700 on Tuesday after a slight rise in the previous session, as gains in the tech, real estate, and utilities sectors offset declines in consumer staples, energy, and industrials. Easing oil prices lifted sentiment, as did an improvement in business confidence. The latest New Zealand Institute of Economic Research's (NZIER) Quarterly Survey of Business Opinion showed that New Zealand's business confidence improved sharply in Q3 amid the Middle East conflict, with inflation pressures easing, steady profit expectations, and improved hiring and investment. However, caution prevailed ahead of the release of the FOMC minutes later this week. Ebos Group surged 3.5%, Brisco Group advanced 2.8%, ANZ Group rose 1.1%, and Westpac Banking Corp gained 1.1%, while Delegat Group, South Port New Zealand, A2 Milk, and Hallenstein Glasson fell by 3.1%, 1.8%, 1.7%, and 1.5%, respectively.

The NZX 50 dropped 26 points, or 0.2%, to 13,673 in Tuesday morning trade, erasing slight gains in the previous session, mainly weighed down by materials, healthcare, and consumer staples. However, gains in financials, energy, and consumer discretionary limited the fall. Easing oil prices also prevented the index from falling further, as did an improvement in business confidence. The latest New Zealand Institute of Economic Research's (NZIER) Quarterly Survey of Business Opinion showed that New Zealand's business confidence improved sharply in Q3 amid the Middle East conflict, with inflation pressures easing, steady profit expectations, and improved hiring and investment. However, traders awaited the FOMC minutes later this week. Among early losers were Delegat Group (-1.4%), A2 Milk (-1.0%), Fisher & Paykel (-0.8%), Contact Energy (-0.6%), and South Port NZ (-0.6%).