New Zealand Stocks Set for 2nd Monthly Fall
The NZX 50 climbed 19 points, or 0.1%, to 13,730 in Friday morning trade, extending gains from the previous two sessions as traders capitalized on momentum after both the RBNZ and the Fed held interest rates. Moderating oil prices supported sentiment, easing inflation concerns and expectations of interest rate hikes. However, gains were limited by signals of a possible interest rate hike at the RBNZ's December meeting amid the central bank's efforts to combat rising inflation. Fresh data also pressured sentiment, as consumer confidence eased to a four-month low amid high fuel prices. Caution also built ahead of the release of New Zealand's Q3 unemployment data due next week. The energy, real estate, and healthcare sectors drove the index higher, with notable gains in Channel Infrastructure (1.8%), Fisher & Paykel (0.9%), and Contact Energy (0.5%). For the week, the index was almost flat, while it fell 0.8% for the month, marking its second straight monthly decline.
The NZX 50 climbed 19 points, or 0.1%, to 13,730 in Friday morning trade, extending gains from the previous two sessions as traders capitalized on momentum after both the RBNZ and the Fed held interest rates. Moderating oil prices supported sentiment, easing inflation concerns and expectations of interest rate hikes. However, gains were limited by signals of a possible interest rate hike at the RBNZ's December meeting amid the central bank's efforts to combat rising inflation. Fresh data also pressured sentiment, as consumer confidence eased to a four-month low amid high fuel prices.
Caution also built ahead of the release of New Zealand's Q3 unemployment data due next week. The energy, real estate, and healthcare sectors drove the index higher, with notable gains in Channel Infrastructure (1.8%), Fisher & Paykel (0.9%), and Contact Energy (0.5%). For the week, the index was almost flat, while it fell 0.8% for the month, marking its second straight monthly decline.