The NZX 50 rose 25 points, or 0.2%, to 13,426 in Thursday morning trade, snapping a three-session losing streak. The move tracked gains in US futures after Micron reported earnings that significantly beat expectations alongside an upbeat outlook. Sentiment was further supported by easing oil prices, which helped temper inflation concerns and lowered the perceived likelihood of another interest rate hike.
Even so, investors remained cautious ahead of the release of final US Q1 GDP figures and the May PCE Price Index later today. Both data points are being closely watched for signals on the Federal Reserve’s policy stance at its upcoming meeting, after the central bank kept interest rates on hold last week.
Gains were led by consumer staples, energy, communication services, and utilities. Notable performers included A2 Milk (up 4.2%), Scott Technology (2.4%), Channel Infrastructure (0.9%), Ebos Group (0.8%), and ANZ Group (0.4%).
