NZX 50 Edges Higher Ahead of Inflation Data
The NZX 50 climbed 14 points, or 0.1%, to 13,645 in Wednesday morning trade, after losses in the previous three sessions and an attempt to move away from its lowest level since September 16, touched a day earlier. Traders braced for the release of Q3 inflation data on Thursday, with the market expecting inflation to ease on both a yearly and quarterly basis. Easing Treasury yields and moderating oil prices also supported sentiment, easing inflation concerns and fears of interest rate hikes after the RBNZ raised interest rates for the second straight time in July and September. The broader index tracked gains in US stock futures as traders assessed earnings reports. Energy, real estate, consumer staples, and healthcare stocks mainly drove the index, with notable gains from Ebos Group (2.0%), Fletcher Building (1.9%), Mainfreight (1.2%), Channel Infrastructure (1.2%), Port of Tauranga (1.0%), Sanford (1.0%), and Westpac Banking Corp. (0.8%)
The NZX 50 climbed 14 points, or 0.1%, to 13,645 in Wednesday morning trade, after losses in the previous three sessions and an attempt to move away from its lowest level since September 16, touched a day earlier. Traders braced for the release of Q3 inflation data on Thursday, with the market expecting inflation to ease on both a yearly and quarterly basis. Easing Treasury yields and moderating oil prices also supported sentiment, easing inflation concerns and fears of interest rate hikes after the RBNZ raised interest rates for the second straight time in July and September. The broader index tracked gains in US stock futures as traders assessed earnings reports.
Energy, real estate, consumer staples, and healthcare stocks mainly drove the index, with notable gains from Ebos Group (2.0%), Fletcher Building (1.9%), Mainfreight (1.2%), Channel Infrastructure (1.2%), Port of Tauranga (1.0%), Sanford (1.0%), and Westpac Banking Corp. (0.8%)