New Zealand Stocks Finish Nearly Flat
The NZX 50 was little changed at 13,825 at the close on Thursday, after gaining in the morning session and following losses in the previous session, as gains in energy, industrials, and financials were offset by declines in tech stocks, communication services, and real estate. Traders were cautious amid higher oil prices as uncertainty persisted over US-Iran talks. Recently, RBNZ Governor Anna Breman warned that inflation could be higher if high oil prices persist. Caution also prevailed as traders awaited the outcome of the Trump-Xi summit, with AI and tariffs expected to be discussed at the meeting. In the US, Wall Street closed in the red overnight as a surge in Treasury yields drove a market sell-off and raised expectations for a Fed interest rate hike. Briscoe Group plunged 4.2%, Gentrack Group slumped 3.7%, ANZ Group fell 2.5%, and Mainfreight shed 0.7%, while Colonial Motor, Delegat Group, and Freightways Group rose 3.7%, 1.4%, and 0.7%, respectively.
The NZX 50 was little changed at 13,825 at the close on Thursday, after gaining in the morning session and following losses in the previous session, as gains in energy, industrials, and financials were offset by declines in tech stocks, communication services, and real estate. Traders were cautious amid higher oil prices as uncertainty persisted over US-Iran talks. Recently, RBNZ Governor Anna Breman warned that inflation could be higher if high oil prices persist. Caution also prevailed as traders awaited the outcome of the Trump-Xi summit, with AI and tariffs expected to be discussed at the meeting.
In the US, Wall Street closed in the red overnight as a surge in Treasury yields drove a market sell-off and raised expectations for a Fed interest rate hike. 7%, respectively.