New Zealand shares edged up 20 points, or 0.2%, to 13,089 in morning trade on Wednesday, marking a third consecutive session of gains ahead of the Reserve Bank of New Zealand’s policy decision later in the day. The benchmark index held at its highest level since March 18, supported by expectations that the central bank will leave the cash rate unchanged at 2.25%, as policymakers weigh persistent inflation and the impact of surging energy prices on the broader economy.
Communication services led the advance, with additional strength in materials, consumer discretionary, and industrial stocks. Investors remained focused on geopolitical risks in the Middle East, after Pakistan asked US President Donald Trump to extend by two weeks a key deadline to reopen the strategically important Strait of Hormuz. Market participants were also looking ahead to US inflation figures for March, due later this week, against the backdrop of elevated energy costs.
Notable gainers included Chorus, up 1.2%; Mainfreight, 0.8%; Ebos Group, 0.6%; Mercury NZ, 0.6%; and Auckland International Airport, 0.4%.
