The NZX 50 rose 72 points, or 0.5%, to 13,556 in Wednesday morning trade, reversing losses from the previous four sessions and rebounding from its lowest level since June 24, hit on Tuesday ahead of the Q2 GDP release. New Zealand’s GDP data are due on Thursday, with markets expecting annual growth to accelerate to 2.9% while quarterly growth eases to 0.1%.
Sentiment was also supported by fresh survey data showing New Zealand consumer confidence edging up from a three-year low, though it remained in pessimistic territory. Still, gains were constrained by caution over a likely US Federal Reserve rate hike later this week, compounded by higher oil prices, and by a weak lead from Wall Street where equities fell on the back of a jump in US Treasury yields.
Financials, real estate, and consumer staples were the main drivers of the index, with notable advances in Infratil (up 5.2%), Vector (2.5%), Sanford (1.5%), Delegat Group (0.7%), and Scales Corp (0.6%).
