New Zealand shares advanced 56 points, or 0.4%, to 13,779 in Tuesday morning trade, recovering the losses from the previous session, led by gains in real estate, utilities, and consumer staples. The broader index clawed back from its lowest level since July 21, reached a day earlier following a sharp sell-off in consumer staples.
Bargain hunting was evident, with real estate up 1.0% and consumer staples rising 0.6% after heavy declines in the prior session. Sentiment remained supported by Monday’s data showing food inflation easing to a 19‑month low and a rebound in credit card spending.
However, upside was capped by a weak lead from Wall Street overnight, as escalating tensions in the Middle East weighed on risk appetite ahead of the release of FOMC meeting minutes later this week.
Early decliners included Gentrack Group (-1.5%), ANZ Group (-0.9%), A2 Milk (-0.5%), and Mainfreight (-0.4%). In contrast, Mercury NZ gained 1.6% after Mercury Energy reported a strong increase in operating earnings for the 12 months ended June.
