FX.co ★ New Zealand Shares Closes at Record High

The S&P/NZX 50 Index experienced a 0.4% increase, reaching approximately 13,606 on Tuesday. This marks an eighth consecutive session of gains, culminating in an all-time high, propelled by robust performances among key stocks. Notably, utilities led the upward movement, with Meridian Energy rising by 1.5%, Contact Energy by 1%, and Mercury NZ by 1.2%. Additionally, Fletcher Building climbed 1.8%, Ventia Services increased 2.2%, Skellerup Holdings advanced 1.7%, and Vulcan Steel rose 2.2%. The commercial services sector also demonstrated solid growth, jumping by 3.6%. In terms of data, market participants are now focused on the upcoming Q3 labor market report, anticipated later this week. Forecasts suggest the unemployment rate may climb to its highest point in nearly nine years, which could strengthen arguments for monetary easing by the Reserve Bank. Furthermore, muted manufacturing data from China, New Zealand's primary trading partner, presents potential risks to Kiwi exports, thereby applying some downward pressure on the market.