New Zealand shares edged up 27 points, or 0.2%, to 13,726 in Monday morning trade, reversing losses from the previous session, with gains led by the technology, communication services, and real estate sectors. The benchmark index followed strength in US stock futures after a positive close on Wall Street on Friday, driven by a rally in technology names.
Sentiment remained cautious, however, ahead of New Zealand’s unemployment figures due later this week. Investors were also wary before the release of China’s private-sector PMI, following last week’s official survey showing that manufacturing in New Zealand’s largest trading partner had slipped back into contraction. Markets are also bracing for a heavy US data calendar in the coming days, including key labour market reports.
On the domestic data front, New Zealand building permits fell 3.6% in June, following an upwardly revised 4.9% gain in May. Among the top performers on the day were Chorus (up 1.4%), Colonial Motor (1.3%), Freightways Group (0.7%), Ebos Group (0.5%), and ANZ Group (0.4%).
