New Zealand shares were little changed on Tuesday morning, with the benchmark index hovering around 13,890. Gains in technology, utilities, and materials helped offset losses in healthcare, energy, and consumer discretionary stocks.
Investor sentiment was cautious as rising oil prices cast fresh doubt on whether the US Federal Reserve will cut interest rates this year. Traders were also awaiting this week’s US inflation data for clearer signals on the Fed’s policy stance at its upcoming meeting.
Higher oil prices likewise raised questions about the Reserve Bank of New Zealand’s policy path at its September meeting, particularly amid uncertainty over a possible reopening of the Strait of Hormuz. Caution was further reinforced ahead of the RBNZ’s third-quarter inflation expectations survey, due this week, after expectations accelerated in the second quarter.
Among individual movers, Contact Energy advanced 1.6%, ANZ Group gained 1.2%, and A2 Milk rose 0.6%, while Fisher & Paykel and EBOS Group slipped 0.9% and 0.7%, respectively.
