New Zealand Stocks End Slightly Lower.
The NZX 50 fell 16 points, or 0.1%, to close at 13,684 on Wednesday, after remaining flat in the previous session, mainly weighed down by real estate, financials, industrials, and utilities. Rising oil prices pressured sentiment, raising concerns over inflation and interest rate hikes. Last month, the Reserve Bank of New Zealand raised its cash rate by 25 bps to 2.75%, delivering a second straight hike to bring inflation back to the 2% midpoint target. Caution prevailed ahead of the release of the FOMC minutes later this week. However, gains in the technology, materials, and health sectors capped the fall. An upbeat session on Wall Street overnight, with the S&P 500 hitting a fresh record high, also limited the decline, buoyed by heavyweight tech stocks. Among the bottom movers were South Port New Zealand (-3.0%), Freightways Group (-2.4%), Westpac Banking Corp. (-1.5%), Colonial Motor (-1.4%), EBOS Group (-1.2%), Mainfreight (-1.1%), and Infratil (-0.9%).
1%, to close at 13,684 on Wednesday, after remaining flat in the previous session, mainly weighed down by real estate, financials, industrials, and utilities. Rising oil prices pressured sentiment, raising concerns over inflation and interest rate hikes. 75%, delivering a second straight hike to bring inflation back to the 2% midpoint target. Caution prevailed ahead of the release of the FOMC minutes later this week.
However, gains in the technology, materials, and health sectors capped the fall. An upbeat session on Wall Street overnight, with the S&P 500 hitting a fresh record high, also limited the decline, buoyed by heavyweight tech stocks. 4%), Westpac Banking Corp. 9%).