FX.co ★ New Zealand Stocks Attempt to Rise

Equities in New Zealand experienced a modest increase, rising by 12 points, or 0.1%, to reach 12,806 during Thursday morning's trading session. This uptick followed declines observed over the previous two sessions. The NZX 50 mirrored a surge seen on Wall Street overnight, spurred by recent trade agreements between the US and the EU, in the wake of an earlier accord with Japan. These developments have sparked optimism for a comprehensive trade agreement with China, New Zealand’s principal trading partner. Market sentiment was further bolstered by Scott Bessent's dismissal of rumors suggesting President Trump might replace Federal Reserve Chair Jerome Powell. Nonetheless, investors remained cautious ahead of an imminent speech by Reserve Bank of New Zealand Chief Economist Paul Conway, which could potentially influence the monetary policy decisions anticipated in August. This follows Monday's inflation data and the prospective impact of new US tariffs on inflation. Gains in the market were largely driven by the communication services, financials, and consumer discretionary sectors. Noteworthy performances were observed in companies such as Skellerup, which rose by 1.5%, South Port of New Zealand and Summerset Group, each gaining 1.0%, Turners Automotive Group with a 0.9% increase, and Port of Tauranga, which climbed by 0.6%.