New Zealand shares edged 11 points, or 0.1%, higher on Tuesday to close at 13,862, recouping earlier losses. The benchmark index notched a fresh record high and its second straight record close, after finishing at 13,851 on Monday.
Gains in healthcare, communication services, industrials, and consumer staples underpinned the advance. Sentiment was further supported by easing oil prices, which helped temper inflation concerns and reduced the perceived likelihood of additional interest rate hikes.
Upside was capped, however, by weaker US stock futures amid a global selloff in technology shares. Investors also adopted a cautious stance ahead of the Federal Reserve’s upcoming monetary policy decision and the release of China’s PMI figures. Domestically, markets were looking to July data on consumer confidence and business outlook, scheduled for later this week.
Notable gainers included AFT Pharmaceuticals (+5.2%), Fisher & Paykel Healthcare (+2.2%), Auckland International Airport (+1.0%), Australian Foundation Investment (+0.8%), ANZ Group (+0.7%), F&C Investment Trust (+0.7%), and a2 Milk (+0.6%).
