FX.co ★ New Zealand Stocks Set for 2nd Monthly Fall

The NZX 50 rose 19 points, or 0.1%, to 13,730 in Friday morning trade, building on gains from the previous two sessions as traders rode the positive momentum following unchanged policy decisions from both the RBNZ and the US Federal Reserve. Softer oil prices underpinned risk appetite by easing inflation worries and tempering expectations of further interest rate increases.

Upside was capped, however, by signals that the RBNZ could still raise rates at its December meeting as it continues to tackle persistent inflation. Sentiment was further weighed by fresh data showing consumer confidence slipping to a four-month low, pressured by elevated fuel costs. Investors were also cautious ahead of next week’s release of New Zealand’s Q3 unemployment figures.

Sector-wise, energy, real estate, and healthcare outperformed, helping to lift the index. Notable movers included Channel Infrastructure (up 1.8%), Fisher & Paykel (0.9%), Freightways (0.6%), and Contact Energy (0.5%). On a weekly basis, the benchmark was little changed, while for the month it declined 0.8%, marking a second consecutive monthly fall.