The NZX 50 rose 139 points, or 1.0%, to close at 13,623 on Wednesday, snapping a four-session losing streak and rebounding from its lowest level since June 24, hit the previous day. The move came ahead of Thursday’s release of Q2 GDP data, with markets expecting annual growth to accelerate to 2.9% while slowing to 0.1% on a quarterly basis.
Sentiment was also supported by fresh data showing New Zealand consumer confidence edging up from a three-year low, though it remained in pessimistic territory. However, gains were tempered by ongoing expectations of a US Federal Reserve rate hike and higher oil prices, which weighed on risk appetite. The local market was further constrained by a weak session on Wall Street overnight, as US Treasury yields surged.
Financials, healthcare, and utilities led the advance, with notable performers including Ventia Services (+4.3%), Infratil (+3.6%), Brisco (+3.5%), Contact Energy (+2.5%), Delegat Group (+2.2%), Fisher & Paykel (+1.9%), Meridian Energy (+1.7%), and Mainfreight (+1.2%).
