FX.co ★ New Zealand Stocks Track Wall Street Higher

The NZX 50 rose 26 points, or 0.2%, to 13,385 in Tuesday morning trade, reversing the previous session’s losses and tracking an overnight rally on Wall Street. Sentiment was supported by easing oil prices after the US and Iran reached a peace deal. Gains were led primarily by healthcare, consumer staples, utilities, and consumer discretionary stocks.

Upside was capped, however, by fresh data showing New Zealand’s food inflation accelerated to 3.2% in May. Investors also remained cautious ahead of a raft of economic releases from China due later in the day, as well as New Zealand’s Q1 GDP figures and the US Federal Reserve’s upcoming policy decision.

Delegat Group jumped 10.7% after the company raised its full-year earnings guidance. Other notable early movers included A2 Milk (up 2.2%), Contact Energy (1.1%), Freightways Group (0.8%), Fisher & Paykel Healthcare (0.7%), Chorus (0.7%), and Ebos Group (0.3%).