New Zealand Equities Head for Weekly Gain
The NZX 50 advanced 29 points, or 0.2%, to 13,785 in Friday morning trade, up for the third straight session, tracking gains on Wall Street overnight as easing oil prices softened Treasury yields, while the Fed’s rate hike reaffirmed the central bank’s commitment to contain inflation. Thursday’s data continued to lift sentiment after New Zealand’s GDP grew faster than expected in Q2. However, traders awaited China’s interest rate decision and US PMI data next week for clues about the economic outlook in the two countries. On the data front, New Zealand’s trade deficit narrowed in August from July, as exports rose more than imports, while food inflation stayed at a 19-month low. Real estate, consumer discretionary, and financials mainly drove the index, with notable gains including Port of Tauranga (1.0%), Chorus (0.8%), Hallenstein Glasson (0.8%), and Auckland International Airport (0.5%).
2%, to 13,785 in Friday morning trade, up for the third straight session, tracking gains on Wall Street overnight as easing oil prices softened Treasury yields, while the Fed’s rate hike reaffirmed the central bank’s commitment to contain inflation. Thursday’s data continued to lift sentiment after New Zealand’s GDP grew faster than expected in Q2. However, traders awaited China’s interest rate decision and US PMI data next week for clues about the economic outlook in the two countries. On the data front, New Zealand’s trade deficit narrowed in August from July, as exports rose more than imports, while food inflation stayed at a 19-month low.
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