NZX 50 Extends Gains on Easing Inflation
The NZX 50 rose 38 points, or 0.3%, to 13,799 in Thursday morning trade, extending gains from the previous session after fresh data showed that inflation eased in Q3. Inflation slowed to 3.7% in Q3, though it remained above the RBNZ's 1—3% target range. However, the latest figure eased concerns over interest rate hikes after the RBNZ raised interest rates for the second straight time in July and September. The broader index tracked gains on Wall Street overnight, supported by strong earnings from SpaceX and Super Micro Computer, which raised optimism about AI demand. However, traders continued to monitor the Middle East conflict and progress in Russia-Ukraine peace efforts for their impact on oil prices and inflation risks. Financials, industrials, and real estate stocks mainly drove the index, with the top movers including Infratil (3.7%), Auckland International Airport (1.6%), Scales Corporation (1.6%), Skellerup Holdings (1.2%), EBOS Group (0.8%), and Freightways Group (0.8%).
The NZX 50 rose 38 points, or 0.3%, to 13,799 in Thursday morning trade, extending gains from the previous session after fresh data showed that inflation eased in Q3. Inflation slowed to 3.7% in Q3, though it remained above the RBNZ's 1—3% target range. However, the latest figure eased concerns over interest rate hikes after the RBNZ raised interest rates for the second straight time in July and September. The broader index tracked gains on Wall Street overnight, supported by strong earnings from SpaceX and Super Micro Computer, which raised optimism about AI demand.
However, traders continued to monitor the Middle East conflict and progress in Russia-Ukraine peace efforts for their impact on oil prices and inflation risks. Financials, industrials, and real estate stocks mainly drove the index, with the top movers including Infratil (3.7%), Auckland International Airport (1.6%), Scales Corporation (1.6%), Skellerup Holdings (1.2%), EBOS Group (0.8%), and Freightways Group (0.8%).