NZX 50 Ends 1% Higher Ahead of Inflation Data
The NZX 50 advanced 130 points, or 1.0%, to close at 13,761 on Wednesday, erasing losses from the previous three sessions and moving away from its lowest level since September 16, touched a day earlier, ahead of the release of inflation data. Q3 inflation data will be released 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. Materials, financials, communication services, healthcare, and industrial stocks mainly drove the index, with notable gains from Ebos Group (5.5%), Vulcan Steel (5.2%), Mainfreight (3.2%), Fletcher Building (3.1%), Westpac Banking Corp. (1.9%), ANZ Group (1.3%), Freightways (1.2%), and Fisher & Paykel (0.7%).
The NZX 50 advanced 130 points, or 1.0%, to close at 13,761 on Wednesday, erasing losses from the previous three sessions and moving away from its lowest level since September 16, touched a day earlier, ahead of the release of inflation data. Q3 inflation data will be released 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. Materials, financials, communication services, healthcare, and industrial stocks mainly drove the index, with notable gains from Ebos Group (5.5%), Vulcan Steel (5.2%), Mainfreight (3.2%), Fletcher Building (3.1%), Westpac Banking Corp. (1.9%), ANZ Group (1.3%), Freightways (1.2%), and Fisher & Paykel (0.7%).