The NZX 50 finished virtually unchanged on Tuesday, closing at 13,700 after a modest gain in the previous session. Strength in the technology, real estate, and utilities sectors offset weakness in consumer staples, energy, and industrials. Sentiment was supported by softer oil prices and a marked improvement in business confidence.
The latest Quarterly Survey of Business Opinion from the New Zealand Institute of Economic Research (NZIER) indicated a sharp rebound in business confidence in the third quarter, despite tensions in the Middle East. The survey pointed to easing inflation pressures, stable profit expectations, and firmer hiring and investment intentions.
Nevertheless, trading remained cautious ahead of this week’s release of the Federal Open Market Committee (FOMC) minutes. Among individual stocks, Ebos Group climbed 3.5%, Brisco Group added 2.8%, and both ANZ Group and Westpac Banking Corp advanced 1.1%. On the downside, Delegat Group, South Port New Zealand, A2 Milk, and Hallenstein Glasson declined by 3.1%, 1.8%, 1.7%, and 1.5%, respectively.
