31.08.202523:04:23UTC+00New Zealand Stocks Edge Higher to Start September

On Monday morning, the NZX 50 climbed 22 points, or 0.2%, reaching 12,953, marking its third consecutive upward movement. This rise was largely driven by strong performances in the energy, industrial, and communication services sectors. Investors were on edge, anticipating the release of earnings reports from certain companies later in the day. However, gains were tempered by a lackluster session on Wall Street on Friday due to enduring inflationary pressures within the US economy. Market participants were also closely monitoring the upcoming US employment data for August, which is expected to influence the Federal Reserve's monetary policy decisions this month, as well as the private survey's PMI manufacturing figures from China, following official reports indicating continued contraction in mainland factory activity for August. On a brighter note, New Zealand's data revealed an increase in building permits by 5.4% in July, recovering from a prior 6.4% decline in June. Notable early winners included Henderson Far East Income, rising by 1.9%, Ebos Group by 1.8%, Auckland International Airport by 1.3%, F&C Investment Trust by 0.8%, and Port of Tauranga by 0.8%.