FX.co ★ New Zealand Shares Follow Wall Street Higher

The NZX 50 climbed by 124 points, or 1.0%, reaching 12,142 during Monday morning trading, reversing the losses recorded in the previous session. This surge aligned with Friday's rally on Wall Street, fueled by optimism over a possible US-China trade agreement. Most sectors experienced growth, with the healthcare, technology, materials, and financial sectors leading the momentum. Gains were restrained by new data indicating that New Zealand's service sector remained static last month, contracting for the second consecutive month. Meanwhile, there is anticipation for the March food inflation statistics due on Tuesday. Furthermore, investors are closely monitoring upcoming trade data from China, New Zealand's primary trade partner, amidst intensifying trade tensions with the US. Recent statistics from China have already pointed to continued weak domestic demand, as evidenced by the mainland's consumer and producer price data. Among notable performers, Gentrack Group surged 4.7%, Fisher & Paykel rose 3.0%, while ANZ Group and Ebos Group each increased by 2.5%, and the Port of Tauranga climbed 1.9%.