NZX 50 Edges Higher, Attempts to Extend Gains
The NZX 50 gained 25 points, or 0.2%, to 13,716 in Thursday morning deals, following a slight gain in the previous session, as both the RBNZ and the Fed held interest rates. Gains were capped by traders' caution as they continued to assess the RBNZ's decision amid signals of a possible interest rate hike at the next meeting, with higher oil prices posing a risk to inflation. Tuesday's decision saw the central bank unexpectedly hold the official cash rate at 2.75% in a split decision, while leaving the door open to further rate hikes to combat rising inflation. Caution also prevailed ahead of the release of business confidence data later today, following September's reading, which was the lowest in three months. The energy, healthcare, and real estate sectors were the main drivers of the index, with early gainers including Freightways Group (2.8%), Channel Infrastructure (0.9%), Fisher & Paykel (0.6%), Infratil (0.6%), and A2 Milk (0.5%).
The NZX 50 gained 25 points, or 0.2%, to 13,716 in Thursday morning deals, following a slight gain in the previous session, as both the RBNZ and the Fed held interest rates. Gains were capped by traders' caution as they continued to assess the RBNZ's decision amid signals of a possible interest rate hike at the next meeting, with higher oil prices posing a risk to inflation. Tuesday's decision saw the central bank unexpectedly hold the official cash rate at 2.75% in a split decision, while leaving the door open to further rate hikes to combat rising inflation.
Caution also prevailed ahead of the release of business confidence data later today, following September's reading, which was the lowest in three months. The energy, healthcare, and real estate sectors were the main drivers of the index, with early gainers including Freightways Group (2.8%), Channel Infrastructure (0.9%), Fisher & Paykel (0.6%), Infratil (0.6%), and A2 Milk (0.5%).