New Zealand Stocks Muted in Morning Trade
The NZX 50 was almost flat, trading around 13,696 in Wednesday morning deals, after remaining flat in the previous session, as gains in consumer staples and real estate offset declines in consumer discretionary and communication services. Easing oil prices lifted sentiment as concerns over inflation and interest rate hikes eased. An upbeat session on Wall Street overnight also fueled sentiment, with the S&P 500 hitting a fresh record high, buoyed by heavyweight tech stocks as a surge in bond yields paused, easing pressure on the sector’s credit outlook. However, caution prevailed ahead of the release of the FOMC minutes later this week. Vulcan Steel advanced 2.0%, Briscoe Group rose 1.1%, EBOS Group gained 1.1%, and Fletcher Building climbed 0.9%, while Hallenstein Glasson, South Port New Zealand, and Westpac Banking Corp. dropped 1.5%, 0.7%, and 0.4%, respectively.
The NZX 50 was almost flat, trading around 13,696 in Wednesday morning deals, after remaining flat in the previous session, as gains in consumer staples and real estate offset declines in consumer discretionary and communication services. Easing oil prices lifted sentiment as concerns over inflation and interest rate hikes eased. An upbeat session on Wall Street overnight also fueled sentiment, with the S&P 500 hitting a fresh record high, buoyed by heavyweight tech stocks as a surge in bond yields paused, easing pressure on the sector’s credit outlook. However, caution prevailed ahead of the release of the FOMC minutes later this week.
9%, while Hallenstein Glasson, South Port New Zealand, and Westpac Banking Corp. 4%, respectively.