NZX 50 Ends 1% Higher Ahead of GDP Data

The NZX 50 advanced 139 points, or 1.0%, to close at 13,623 on Wednesday, halting 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 fueled 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, amid higher oil prices, pressured sentiment. The index was also capped by a downbeat session on Wall Street overnight due to a surge in US Treasury yields. Financials, healthcare, and utilities mainly drove the index, with top movers including Ventia Services (4.3%), Infratil (3.6%), Brisco (3.5%), Contact Energy (2.5%), Delegat Group (2.2%), Fisher & Paykel (1.9%), Meridian Energy (1.7%), and Mainfreight (1.2%).