The NZX 50 rose 45 points, or 0.3%, to 13,701 in Wednesday morning trading, reversing the previous session’s losses. The benchmark tracked overnight gains on Wall Street, where a rebound in chip stocks lifted sentiment.
Traders largely looked past fresh data showing New Zealand’s inflation rate had accelerated to its highest level since Q4 2023. However, persistent strength in oil prices limited further upside, as renewed inflation concerns reinforced expectations of additional interest rate hikes. RBNZ Chief Economist Paul Conway recently cautioned that stubborn inflation could necessitate further monetary policy tightening.
The broader index was supported mainly by advances in materials, consumer discretionary, and communication services stocks. Among individual movers, A2 Milk gained 1.4%, AFT Fisher & Paykel added 0.9%, Auckland International Airport climbed 0.5%, and Ebos Group also rose 0.5%.