New Zealand shares rose 33 points, or 0.2%, to 13,771 in Thursday morning trading, snapping a two-session losing streak. The market followed overnight gains on Wall Street after signs of moderating inflation tempered expectations of further aggressive Fed tightening at its upcoming policy meeting.
The benchmark index rebounded from its lowest close since August 3, hit the previous day, with advances led by real estate, financials, materials, and energy stocks. Investors nevertheless remained cautious, closely watching developments in the Middle East amid uncertainty over the reopening of the Strait of Hormuz. Sentiment was also restrained ahead of the release later today of the RBNZ’s Q3 business inflation expectations, following a slight acceleration in Q2.
Early gainers included Port of Tauranga (up 1.5%), Ebos Group (0.6%), South Port NZ (0.5%), Meridian Energy (0.5%), Freightways Group (0.4%), Infratil (0.4%), Chorus (0.4%), Mainfreight (0.3%), and Contact Energy (0.3%).
