NZX 50 nearly flat as traders weigh RBNZ rate-hike path
New Zealand stocks were almost flat near 13,937 after the prior session’s gains. Consumer staples, real estate and financials rose, offsetting declines in energy, discretionary and healthcare.
New Zealand stocks were almost flat, trading around 13,937 in Thursday morning deals, after gaining in the previous session, as gains in consumer staples, real estate, and financials offset declines in energy, consumer discretionary, and healthcare.
Traders continued to assess Wednesday’s RBNZ monetary policy decision to hike interest rates by 25 bps.
The RBNZ signaled its determination to return price growth to its 1% to 3% target range.
However, rising oil prices limited the gains amid heightened inflation concerns and reinforced expectations of an interest rate hike amid escalating Middle East tensions.
Meanwhile, an upbeat session on Wall Street overnight lifted sentiment, buoyed by solid gains in heavyweight technology stocks.
On the data front, New Zealand’s terms of trade continued to fall, with exports rising less than imports.
Delegat Group advanced 1.3%, Chorus gained 0.9%, and A2 Milk rose 0.6%, while Fletcher Building and Fisher & Paykel fell 1.0% and 0.3%, respectively.