New Zealand shares advanced on Monday, with the benchmark index gaining 76 points, or 0.6%, to close at 13,774 and snapping losses from the previous session. The market was led higher by technology, communication services, and real estate stocks.
The local benchmark mirrored strength in US stock futures after a positive close on Wall Street Friday, driven by a rally in technology names. Softer oil prices also underpinned sentiment by easing inflation worries and dampening expectations for further interest rate hikes.
Gains were limited, however, as investors stayed cautious ahead of New Zealand’s unemployment data due later this week. Sentiment was further restrained by weaker economic signals from China: the latest PMI showed factory activity expanding at its slowest pace in four months.
On the domestic data front, New Zealand building permits fell 3.6% in June, following an upwardly revised 4.9% rise in May.
Notable gainers included Channel Infrastructure (up 1.5%), Briscoe Group (1.3%), Fisher & Paykel Healthcare (1.1%), Chorus (1.1%), and Freightways Group (1.1%).
