FX.co ★ New Zealand Shares End Day Higher

On Wednesday, New Zealand's S&P/NZX 50 index climbed by 0.3%, reaching a closure at 13,467 points. This upward movement was bolstered by strong performances in the utilities, financial, and health technology sectors. Market sentiment received a positive push from developments in China, New Zealand's foremost trading partner, as China's January composite PMI achieved a three-month high of 51.6, alongside a service PMI also peaking at 52.3 over the same period. Domestically, the economic indicators painted a mixed picture. The unemployment rate for the fourth quarter edged up to 5.4% from 5.3% in the previous quarter, while employment growth experienced a rebound, increasing by 0.5% after remaining unchanged in the third quarter. This varied labor market data exerted pressure on the local currency, favoring exporters, and providing stability to sectors sensitive to interest rate fluctuations. Investors are also keenly anticipating the release of US employment figures later today. Leading the index gains were major players like Contact Energy, which rose by 2.8%, Mercury NZ increasing by 2.2%, Meridian Energy up by 1.6%, Auckland International Airport advancing by 1%, Fisher & Paykel growing by 0.7%, and EBOS Group climbing by 0.4%.