New Zealand shares rose 39 points, or 0.3%, to 13,807 in Monday morning trading, rebounding after two consecutive sessions of declines. Gains were led by communication services, consumer staples, and real estate stocks. The broader index moved off its lowest level since August 17, reached on Friday, and advanced ahead of the release of August business confidence data later today, following a five-month high in July.
Sentiment remained cautious, however, as traders awaited this week’s RBNZ monetary policy decision, with markets widely expecting a 25 bps rate hike after the increase in May. Investors also continued to monitor geopolitical risks in the Middle East after the US struck Iranian launchers on Larak Island.
Early gainers included Hallenstein Glasson (up 2.2%), A2 Milk (1.5%), Briscoe Group (1.1%), Contact Energy (0.6%), and Meridian Energy (0.6%). For the month, the index gained 0.8%, marking its seventh consecutive monthly advance.
