FX.co ★ NZX 50 End Higher on Broad-Based Gains

On Thursday, New Zealand's S&P/NZX 50 index climbed by 0.5%, closing at 12,834 with most sectors enjoying gains. The index mirrored an overnight upswing on Wall Street, buoyed by anticipation that the US Federal Reserve might decrease interest rates in September following subdued consumer price index (CPI) figures. Treasury Secretary Scott Bessent indicated a strong possibility that the central bank could implement a 50 basis point cut. Domestically, it is widely predicted that the Reserve Bank of New Zealand will reduce its cash rate by 25 basis points next week, with expectations of another cut either later this year or in early 2024. In corporate developments, shares of Westpac listed in New Zealand surged by 6.45%, reaching their highest point in over ten years after reporting steady quarterly profit growth. Meanwhile, ANZ Group saw a 2.3% increase. Other significant performers included a2 Milk, which rose by 2.4%, Port of Tauranga and Ryman Healthcare, each up by 1.3%, Freightways with a 3.6% increase, and Kiwi Property up by 1.5%.