NZX closes 1.1% higher as consumer stocks rebound
New Zealand's NZX rose 144 points, or 1.1%, to 13,866 on Tuesday, led by rebounds in consumer staples, consumer discretionary and real estate after bargain hunting.
New Zealand's stocks rose 144 points, or 1.1%, to close at 13,866 on Tuesday, rebounding from losses in the previous session, mainly buoyed by gains in consumer staples, consumer discretionary, and real estate.
The broader index moved up from its lowest level since July 21, touched a day earlier amid a plunge in consumer staples.
Traders engaged in bargain hunting, with consumer staples rebounding sharply, surging 6.8% after plunging in the previous session.
However, a downbeat session on Wall Street overnight due to escalating Middle East tensions and rising Treasury yields capped gains.
A2 Milk jumped 10.1%, recovering sharply from a 5.7% plunge on Monday after the company reported a 44% plunge in net profit for the 12 months ended June.
Other top movers were Hallenstein Glasson (5.4%), EBOS Group (2.3%), Vulcan Steel (1.8%), and Mainfreight (0.9%).
Meanwhile, Mercury NZ rose 2.6% after Mercury Energy posted a jump in operating earnings for the 12 months ended June.