New Zealand Stocks Edge Lower in Morning Trade
The NZX 50 dropped 26 points, or 0.2%, to 13,673 in Tuesday morning trade, erasing slight gains in the previous session, mainly weighed down by materials, healthcare, and consumer staples. However, gains in financials, energy, and consumer discretionary limited the fall. Easing oil prices also prevented the index from falling further, as did an improvement in business confidence. The latest New Zealand Institute of Economic Research's (NZIER) Quarterly Survey of Business Opinion showed that New Zealand's business confidence improved sharply in Q3 amid the Middle East conflict, with inflation pressures easing, steady profit expectations, and improved hiring and investment. However, traders awaited the FOMC minutes later this week. Among early losers were Delegat Group (-1.4%), A2 Milk (-1.0%), Fisher & Paykel (-0.8%), Contact Energy (-0.6%), and South Port NZ (-0.6%).
2%, to 13,673 in Tuesday morning trade, erasing slight gains in the previous session, mainly weighed down by materials, healthcare, and consumer staples. However, gains in financials, energy, and consumer discretionary limited the fall. Easing oil prices also prevented the index from falling further, as did an improvement in business confidence. The latest New Zealand Institute of Economic Research's (NZIER) Quarterly Survey of Business Opinion showed that New Zealand's business confidence improved sharply in Q3 amid the Middle East conflict, with inflation pressures easing, steady profit expectations, and improved hiring and investment.
However, traders awaited the FOMC minutes later this week. 6%).