NZX 50 Ends Slightly Higher after RBNZ Holds Rate
The NZX 50 gained 11 points, or 0.1%, to close at 13,691 on Wednesday, erasing its morning losses and those from the previous three sessions after the RBNZ unexpectedly held its official cash rate at 2.75%. However, the broader index pared its gains from around noon following a statement from RBNZ Governor Anna Breman that the central bank would likely consider another hike in December, when it will present a fresh set of economic forecasts. An upbeat session on Wall Street overnight also boosted sentiment, supported by a rebound in tech stocks. However, traders remained cautious ahead of the Fed’s monetary policy decision later today, while rising oil prices capped gains by rekindling inflation concerns and fears of further interest rate hikes. Materials, communication services, and technology stocks mainly buoyed the index, with notable gains in Freightways Group (2.2%), Westpac Banking Corp. (2.0%), Mainfreight (1.3%), and ANZ Group (1.1%).
The NZX 50 gained 11 points, or 0.1%, to close at 13,691 on Wednesday, erasing its morning losses and those from the previous three sessions after the RBNZ unexpectedly held its official cash rate at 2.75%. However, the broader index pared its gains from around noon following a statement from RBNZ Governor Anna Breman that the central bank would likely consider another hike in December, when it will present a fresh set of economic forecasts. An upbeat session on Wall Street overnight also boosted sentiment, supported by a rebound in tech stocks.
However, traders remained cautious ahead of the Fed’s monetary policy decision later today, while rising oil prices capped gains by rekindling inflation concerns and fears of further interest rate hikes. Materials, communication services, and technology stocks mainly buoyed the index, with notable gains in Freightways Group (2.2%), Westpac Banking Corp. (2.0%), Mainfreight (1.3%), and ANZ Group (1.1%).