New Zealand Stocks End 0.6% Higher

The NZX 50 climbed 78 points, or 0.6%, to close at 13,828 on Monday, rising for the third straight session and hitting its highest level since September 30, mainly buoyed by healthcare, financials, and energy. Moderating oil prices lifted sentiment as inflation concerns eased amid expectations that Russian diesel supplies could help alleviate global fuel shortages. The broader index tracked Wall Street higher on Friday amid expectations of a strong earnings season. However, caution mounted ahead of the release of New Zealand's food inflation and business PMI data due later this week. Traders also awaited US inflation data for clues about the Fed's interest rate decision at its upcoming meeting, as well as China's September CPI and PPI data. Among the top performers were Ryman Healthcare (7.0%), Ebos Group (4.9%), Brisco Group (3.5%), South Port NZ (3.0%), ANZ Group (2.7%), Westpac Banking Corp. (2.2%), Infratil (1.8%), and Fisher & Paykel (1.6%).

The NZX 50 was almost flat, trading around 13,745 in Monday morning deals, after gaining in the previous two sessions, as gains in energy and healthcare were offset by declines in tech, utilities, and consumer staples. Traders continued to monitor the escalation of the conflict in the Middle East and its impact on oil prices, amid concerns over inflation. Caution mounted ahead of the release of New Zealand's food inflation and business PMI data due later this week. Traders also awaited US inflation data for clues about the Fed's interest rate decision at its upcoming meeting, as well as China's September CPI and PPI data, amid continued weak domestic demand and rising oil prices. Meanwhile, US stock futures were little changed after Wall Street posted a winning week ahead of inflation data and a busy week of earnings. Ebos Group rose 2.1%, Colonial Motor gained 1.4%, Freightways Group climbed 0.9%, while Fletcher Building and A2 Milk fell 0.9% and 0.8%, respectively.

The NZX 50 advanced 58 points, or 0.4%, to close at 13,749 on Friday, reversing morning losses and extending a slight gain in the previous session, mainly buoyed by gains in consumer staples, industrials, and utilities. However, declines in financials, consumer discretionary, and communication services limited the advance. Caution mounted ahead of the release of New Zealand's food inflation and business PMI data next week. Traders also awaited US inflation data for clues about the Fed's interest rate decision at its upcoming meeting, as well as China's consumer and producer price data for September amid continued weak domestic demand and rising oil prices. A downbeat session on Wall Street overnight also capped gains amid selling in tech stocks. Among the top movers were Delegat Group (3.7%), A2 Milk (2.2%), Gentrack Group (2.2%), Freightways Group (2.0%), Mainfreight (1.0%), and Fisher & Paykel (0.6%). For the week, the index rose 0.5%, after falling in the previous week.