FX.co ★ New Zealand Stocks Muted in Morning Trade

The NZX 50 was little changed around 13,696 in Wednesday morning trade, after finishing virtually flat in the previous session. Gains in consumer staples and real estate offset weakness in consumer discretionary and communication services. Sentiment was supported by easing oil prices, which tempered concerns about inflation and further interest rate hikes. A positive lead from Wall Street also underpinned the market, with the S&P 500 setting a new record high, driven by heavyweight technology stocks as the recent rise in bond yields stalled, relieving some pressure on the sector’s credit outlook. Still, investors remained cautious ahead of the release of the FOMC minutes later this week. Among individual movers, Vulcan Steel added 2.0%, Briscoe Group and EBOS Group each gained 1.1%, and Fletcher Building advanced 0.9%, while Hallenstein Glasson, South Port New Zealand, and Westpac Banking Corp. slipped 1.5%, 0.7%, and 0.4%, respectively.