FX.co ★ New Zealand Stocks Head for Monthly Gain

New Zealand stocks rose 92 points, or 0.7%, to 13,854 in Friday morning trade, recovering from losses in the previous session, with gains led by financials, communication services, and real estate. The benchmark index rebounded from a more than one-week low hit on Thursday, tracking an overnight rally on Wall Street driven by a rebound in technology shares. Sentiment was further supported by fresh data showing New Zealand consumer confidence at a five-month high. Easing oil prices also underpinned the market by softening inflation worries and reducing the likelihood of an interest rate hike.

However, investors remained cautious ahead of China’s PMI release later today and key trade figures due next week, as well as New Zealand’s own unemployment data, also scheduled for next week. Early gainers included Infratil (up 2.1%), Meridian Energy (1.8%), Fisher & Paykel (1.2%), and Ebos Group (1.0%). For the week, the index is on track for a 0.6% advance and is currently up 1.7% for the month.