NZX 50 Rises Ahead of GDP Data
The NZX 50 climbed 72 points, or 0.5%, to 13,556 in Wednesday morning trade, erasing losses from the previous four sessions and moving away from its lowest level since June 24, touched a day earlier ahead of the release of Q2 GDP data. New Zealand's economic data will be released on Thursday, with the market expecting GDP to accelerate 2.9% yoy, while easing to 0.1% qoq. Fresh data also lifted sentiment, as New Zealand consumer confidence moved away from a three-year low, though it remained in pessimistic territory. However, expectations of a Fed interest rate hike later this week, amid higher oil prices, also pressured sentiment. The index was also capped by a downbeat session on Wall Street overnight due to a surge in US Treasury yields. Financials, real estate, and consumer staples mainly boosted the index, with notable gains from Infratil (5.2%), Vector (2.5%), Sanford (1.5%), Delegat Group (0.7%), and Scales Corp. (0.6%).
5%, to 13,556 in Wednesday morning trade, erasing losses from the previous four sessions and moving away from its lowest level since June 24, touched a day earlier ahead of the release of Q2 GDP data. 1% qoq. Fresh data also lifted sentiment, as New Zealand consumer confidence moved away from a three-year low, though it remained in pessimistic territory. However, expectations of a Fed interest rate hike later this week, amid higher oil prices, also pressured sentiment.
The index was also capped by a downbeat session on Wall Street overnight due to a surge in US Treasury yields. 7%), and Scales Corp. 6%).