The NZX 50 rose 41 points, or 0.3%, to 13,722 in Monday morning trade, reversing losses from the previous two sessions and rebounding from its lowest level since September 15, hit on Friday. The move followed gains on Wall Street after a weaker-than-expected US jobs report tempered expectations of further interest rate hikes by the Federal Reserve.
Financials, real estate, and industrials led the broader market higher, while declines in energy, consumer staples, and consumer discretionary stocks limited the overall advance. Investors also looked ahead to this week’s release of FOMC meeting minutes and kept a close watch on oil price developments after Yemen’s Saudi-backed forces announced a major operation aimed at recapturing all territory held by the Houthis.
Early gainers included Port of Tauranga (up 2.5%), Mainfreight (1.2%), Infratil (1.4%), Ebos Group (1.1%), Auckland International Airport (1.0%), FC Investment (1.0%), and Chorus (0.6%).
