NZX 50 steady ahead of RBNZ rate decision
New Zealand stocks were almost flat at about 13,789 in Wednesday morning trade ahead of the RBNZ monetary policy decision later today. The market expects a 25 bps rate rise after May’s hike.
New Zealand stocks were almost flat, trading around 13,789 in Wednesday morning trade, after retreating in the previous session and remaining at their lowest level since August 17, touched a day earlier, ahead of the RBNZ's monetary policy decision later today.
The market expects the central bank to raise interest rates by 25 bps after raising rates in May.
Caution also prevailed as rising oil prices raised inflation concerns and reinforced expectations of an interest rate hike amid escalating Middle East tensions.
Gains in communication services, industrials, and financials offset declines in tech sectors, consumer staples, and consumer discretionary.
On the data front, New Zealand's building permits fell 4.3% month-on-month in July, after declining 3.7% in June.
Bankers Investment rose 1.5%, Ebos Group climbed 0.9%, while A2 Milk and Fletcher Building fell 0.7% and 0.5%, respectively.