New Zealand shares edged 15 points, or 0.1%, higher to 13,877 in Wednesday morning trade, buoyed by gains across real estate, energy, consumer discretionary, financials, and communication services. The benchmark index set a fresh intraday record after closing at an all-time high of 13,862 on Tuesday, its second consecutive record finish.
Sentiment was underpinned by easing oil prices and waning inflation concerns, which dampened expectations of additional interest rate hikes. Even so, investors remained cautious ahead of the US Federal Reserve’s monetary policy decision and China’s PMI data, as well as the upcoming releases of New Zealand’s July consumer confidence and business outlook figures later this week.
Early gainers included AFT Pharmaceuticals (up 2.2%), Delegat Group (1.9%), Ventia Services Group (1.8%), Chorus (1.2%), Ebos Group (1.1%), Channel Infrastructure NZ (0.9%), and Freightways Group (0.7%).