NZX 50 closes up 1.1%, posts seventh straight monthly gain
New Zealand stocks rose 149 points, or 1.1%, to close at 13,917 on Monday, erasing prior two-session losses. The NZX 50 also rose 1.6% for the month, supported by industrials, tech, utilities and real estate.
New Zealand stocks rose 149 points, or 1.1%, to close at 13,917 on Monday, erasing losses in the previous two sessions, mainly supported by industrials, tech sectors, utilities, and real estate.
The broader index moved up from its lowest level since August 17, reached on Friday, as business confidence for August remained at a historically strong level, though easing from July's five-month high.
However, traders were cautious ahead of the RBNZ's monetary policy decision this week, with the market expecting the central bank to raise interest rates by 25 bps after raising them in May.
Investors also continued to monitor developments in the Middle East after the US struck Iranian launchers on Larak Island.
Among the top gainers were Meridian Energy (5.3%), Gentrack Group (3.1%), Hallenstein Glasson (2.6%), Fletcher Building (2.1%), South Port of NZ (1.7%), and Fisher & Paykel (1.4%).
For the month, the index rose 1.6%, marking the seventh straight monthly gain.