FX.co ★ NZX 50 Rebounds after RBNZ Holds Rates

The NZX 50 climbed 40 points, or 0.3%, to 13,720 on Wednesday, reversing early losses and recouping declines from the previous three sessions after the RBNZ unexpectedly left the official cash rate unchanged at 2.75%, defying expectations of a 25 bps increase. Annual inflation eased to 3.7% in Q3 but remained above the RBNZ’s 1–3% target range. Sentiment was further buoyed by a positive overnight session on Wall Street, driven by a rebound in tech stocks ahead of key earnings releases.

Still, trading was cautious ahead of the Fed’s monetary policy decision later in the day, with markets widely anticipating that US interest rates would be kept on hold. Gains on the NZX 50 were also limited by rising oil prices, which reignited inflation concerns and renewed expectations of future rate hikes. Sector-wise, financials, technology, consumer discretionary, and materials provided most of the support, with notable advances in Hallenstein Glasson (3.7%), Infratil (2.8%), Westpac Banking Corp (1.8%), ANZ Group (1.5%), and Freightways Group (1.2%).