FX.co ★ Shares in New Zealand Snap Five-Session Losing Streak

New Zealand's stock market experienced a modest rise on Wednesday morning, with the equities index increasing by 23 points, or 0.2%, to reach 12,490. This uptick marked a pause in the downward trend observed over the previous five sessions. The rise mirrored gains on Wall Street seen the night before, buoyed by the easing of geopolitical tensions and a further decline in oil prices. The NZX 50 index also moved away from a near three-week low, which had been triggered by increased tensions in the Middle East the prior day. On the domestic front, New Zealand's trade surplus expanded significantly to NZ$1.2 billion in May, compared to just NZ$54 million in the same month of the previous year, surpassing market expectations of NZ$1.1 billion. However, remarks by Federal Reserve Chairman Powell before Congress, indicating that the central bank is not in a hurry to lower interest rates, tempered the gains. Key growth contributors to the index included energy stocks, financials, industrials, and technology sectors. Major players such as ANZ Group, Fisher & Paykel, and Gentrack Group each saw a 0.7% increase, whereas Colonial Motor advanced by 1.7%, Infratil rose by 0.8%, and Seeka grew by 1.0%.