NZX 50 Rebounds, Closes 0.1% Higher.

The NZX 50 climbed 8 points, or 0.1%, to close at 13,692 on Thursday, halting declines from the previous session and morning trade, mainly buoyed by gains in communication services, consumer staples, and utilities. However, declines in financials, tech, and consumer discretionary capped the gain. A downbeat session on Wall Street overnight due to higher Treasury yields also limited the rise. Caution rose after the FOMC minutes suggested the Fed is likely to raise rates again this year. Rising oil prices also limited the gain, as they raised 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. Among the top movers were Australian Foundation (1.5%), A2 Milk (1.4%), F&C Investment (1.4%), AFT Pharmaceuticals (1.3%), Contact Energy (1.3%), South Port NZ (1.2%), Henderson Far East Income (1.0%), and Fisher & Paykel (0.9%).