NZX 50 gains 1.0% to 13,623, halting four-session slide

  • The NZX 50 gained 139 points to close at 13,623 on Wednesday.
  • 139 points represented a 1.0% advance after four consecutive losing sessions.
  • New Zealand’s Q2 GDP data is due Thursday, with 2.9% yoy and 0.1% qoq expected.

The NZX 50 advanced 139 points, or 1.0%, to close at 13,623 on Wednesday, ending four consecutive sessions of losses and moving away from its lowest level since June 24, reached a day earlier. Investors were positioning ahead of New Zealand’s second-quarter GDP release on Thursday, with annual growth expected to accelerate to 2.9% while quarterly growth eases to 0.1%. Consumer confidence also recovered from a three-year low but remained pessimistic. Gains were led by financial, healthcare and utilities stocks, while expectations of a Federal Reserve interest-rate hike, higher oil prices and a weak Wall Street session capped sentiment. Ventia Services, Infratil and Brisco were among the strongest performers.

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