FX.co ★ New Zealand Stocks Muted in Morning Trade

The NZX 50 was little changed around 13,242 in Tuesday morning trade, after gains in the previous session, as markets reopened following Friday’s holiday. Strength in energy, consumer discretionary, and utilities stocks was largely offset by weakness in communication services, materials, and healthcare. The benchmark retreated from Friday’s intraday high, its strongest level since May 7, as investors continued to digest comments from RBNZ Governor Anna Breman, who signaled that the Official Cash Rate is likely to increase sooner and more sharply than previously expected. Sentiment was also subdued ahead of key US data releases later in the week, including PMI readings and weekly jobless claims. Still, an overnight rally on Wall Street provided some support, amid optimism that the US and Iran may move toward ending the conflict. Among individual names, Ebos Group advanced 1.6%, AFT Pharmaceuticals added 1.3%, and Auckland International Airport rose 1.0%, while Chorus and Fisher & Paykel declined 1.2% and 0.8%, respectively.