New Zealand shares climbed 144 points, or 1.1%, to finish at 13,866 on Tuesday, rebounding from the previous session’s losses. The market was lifted mainly by gains in consumer staples, consumer discretionary, and real estate stocks. The benchmark index recovered from its lowest level since July 21, reached a day earlier following a sharp sell-off in consumer staples. Bargain hunting was evident, with the consumer staples sector bouncing back 6.8% after its steep decline in the prior session.
Upside momentum was limited, however, by a weak lead from Wall Street, where sentiment was dampened by escalating tensions in the Middle East and rising US Treasury yields. Among individual movers, A2 Milk surged 10.1%, reversing Monday’s 5.7% fall, even after the company reported a 44% drop in net profit for the 12 months to June. Other notable gainers included Hallenstein Glasson (up 5.4%), EBOS Group (2.3%), Vulcan Steel (1.8%), and Mainfreight (0.9%). Meanwhile, Mercury NZ advanced 2.6% after Mercury Energy reported a strong increase in operating earnings for the year to June.
