NZX 50 rises 0.8% as consumer staples, tech lift
New Zealand’s NZX 50 closes up 111 points, or 0.8%, at 13,993, led by gains in consumer staples, tech and utilities, while participants weigh the upcoming US PCE and Jackson Hole speeches.
New Zealand stocks advanced 111 points, or 0.8%, to close at 13,993 on Tuesday, erasing losses in the previous session, mainly buoyed by gains in consumer staples, tech sectors, and utilities.
Consumer staples surged 3.2%, supported by a surge in A2 Milk (5.0%), following traders’ reassessment after a volatile session in mid-August following its earnings release.
Optimism over earnings season lifted sentiment, with some companies announcing their results this week, including Port of Tauranga and Channel Infrastructure.
However, caution limited the gains ahead of the US PCE price data for guidance on the Fed's monetary policy decision at its upcoming meeting, as well as FOMC speeches at the Jackson Hole Symposium later this week.
Other top movers were Hallenstein Glassons (2.2%), Mercury NZ (1.6%), Fisher & Paykel (1.5%), and ANZ Group (1.5%).
Port of Tauranga and Channel Infrastructure rose 1.2% and 0.9%, respectively, ahead of the release of their earnings reports this week.