New Zealand stocks rise 1.1% to 13,917, erase two-session losses

  • New Zealand stocks rose 149 points to close at 13,917 on Monday.
  • The index gained 1.1%, led by industrials, technology, utilities and real estate.
  • The monthly advance reached 1.6%, marking the seventh consecutive monthly gain.

New Zealand stocks rose 149 points, or 1.1%, to close at 13,917 on Monday, erasing losses from the previous two sessions. Industrials, technology, utilities and real estate led the advance, which lifted the broader index from its lowest level since Aug. 17, reached Friday. August business confidence remained historically strong, although it eased from July’s five-month high. Traders stayed cautious ahead of the RBNZ’s monetary policy decision this week, with the market expecting a 25-basis-point interest-rate increase following a hike in May. Investors also monitored Middle East developments after the US struck Iranian launchers on Larak Island. Meridian Energy gained 5.3%, while Gentrack Group, Hallenstein Glasson, Fletcher Building, South Port of NZ and Fisher & Paykel also advanced. The index rose 1.6% for the month, extending its winning streak to seven months.

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