New Zealand shares advanced 64 points, or 0.5%, to close at 13,888 on Monday, snapping a two-session losing streak. The move followed gains on Wall Street on Friday, after softer-than-expected US labor data tempered expectations of a Federal Reserve rate hike at its September meeting.
The broader market was lifted mainly by healthcare, financial, and industrial stocks. Sentiment was further underpinned by solid trade figures from China, New Zealand’s largest trading partner, with export growth remaining robust, and by domestic inflation easing to a six-month low.
However, investors remained cautious ahead of US inflation figures due this week, which are expected to provide further guidance on the Fed’s policy stance at the upcoming meeting. Gains were also constrained by rising oil prices amid uncertainty over the potential reopening of the Strait of Hormuz.
Among the notable gainers were Ryman Healthcare (up 2.4%), Infratil (2.2%), Ebos Group (1.8%), Fisher & Paykel (1.2%), F&C Investment (0.9%), Hallenstein Glasson (0.8%), and Mainfreight (0.7%).
