New Zealand shares edged up 28 points, or 0.2%, to 13,889 in Wednesday morning trade, rebounding after losses in the previous session. Gains were led by consumer discretionary, consumer staples, and utilities stocks.
Upside momentum was limited by higher oil prices amid uncertainty over the reopening of the Strait of Hormuz, fuelling inflation concerns and prompting questions about how this might influence the RBNZ’s monetary policy decision at its September meeting. Investor caution was also evident ahead of US inflation data, which could shape expectations for the Federal Reserve’s next policy move.
Traders were additionally focused on the RBNZ’s Q3 business inflation expectations survey, due Thursday, after expectations picked up slightly in Q2. Early gainers included A2 Milk (up 1.2%), Infratil (0.9%), Westpac Banking Corp. (0.9%), Channel Infrastructure (0.6%), EBOS Group (0.5%), and F&C Investment (0.4%).
