FX.co ★ NZX 50 Ends Slightly Higher after RBNZ Holds Rate

The NZX 50 rose 11 points, or 0.1%, to close at 13,691 on Wednesday, recovering its early losses as well as declines from the previous three sessions after the RBNZ unexpectedly left the official cash rate unchanged at 2.75%. The benchmark had traded higher around midday but later pared gains, finishing at 13,691 after RBNZ Governor Anna Breman signaled that the central bank would likely consider another rate increase in December, when it will publish a new set of economic forecasts.

Sentiment was also lifted by a positive lead from Wall Street, where a rebound in technology stocks supported an upbeat session. Still, traders remained cautious ahead of the Federal Reserve’s policy decision due later in the day, while rising oil prices limited further upside by reviving inflation concerns and the prospect of additional interest rate hikes.

Sector-wise, materials, communication services, and technology stocks underpinned the market’s advance. Notable gainers included Hallenstein Glasson (up 3.1%), Freightways Group (2.2%), Westpac Banking Corp. (2.0%), Mainfreight (1.3%), and ANZ Group (1.1%).