NZX 50 Ends at Record High, Snaps 2-Session Losing Streak
The NZX 50 surged 194 points, or 1.4%, to close at a fresh record high of 14,167 on Tuesday, halting losses from the previous two sessions and tracking a rise on Wall Street overnight amid a bounce-back in AI-related stocks. Easing oil prices boosted sentiment, as inflation concerns and interest rate hike expectations eased. Fresh trade data from China, New Zealand's top trading partner, also lifted sentiment, with exports continuing to grow robustly. However, traders continued to monitor coalition talks, although the final election results will not be announced until November 27. Caution also built ahead of the release of US inflation figures later today for clues on the Fed's monetary policy decision at its upcoming meeting. Almost all sectors traded in the green, led by financials and consumer staples, with notable gains including EBOS Group (3.3%), Infratil (3.1%), A2 Milk (3.0%), Fisher & Paykel (1.2%), and ANZ Group (1.2%).
The NZX 50 surged 194 points, or 1.4%, to close at a fresh record high of 14,167 on Tuesday, halting losses from the previous two sessions and tracking a rise on Wall Street overnight amid a bounce-back in AI-related stocks. Easing oil prices boosted sentiment, as inflation concerns and interest rate hike expectations eased. Fresh trade data from China, New Zealand's top trading partner, also lifted sentiment, with exports continuing to grow robustly. However, traders continued to monitor coalition talks, although the final election results will not be announced until November 27.
Caution also built ahead of the release of US inflation figures later today for clues on the Fed's monetary policy decision at its upcoming meeting. Almost all sectors traded in the green, led by financials and consumer staples, with notable gains including EBOS Group (3.3%), Infratil (3.1%), A2 Milk (3.0%), Fisher & Paykel (1.2%), and ANZ Group (1.2%).