28.10.202523:01:14UTC+00New Zealand Stocks Hit Over Two-Week High

On Wednesday morning, the NZX 50 rose by 43 points, marking a 0.3% increase to reach 13,445, continuing its upward momentum for the fourth consecutive session. The index mirrored the rally seen on Wall Street on Tuesday, which was fueled by robust corporate earnings, sustained excitement surrounding artificial intelligence, and the anticipation of interest rate cuts by the Federal Reserve later today. This surge propelled the broader index to its highest point in over two weeks, largely driven by gains in the materials, healthcare, technology, and consumer staples sectors. Market participants are also keenly awaiting a speech from the Director of Financial Markets at the Reserve Bank of New Zealand, which will address the impact of monetary policy on financial conditions. Additionally, investors are looking forward to the latest data on New Zealand's business confidence for October and the upcoming Purchasing Managers' Index (PMI) figures from China, New Zealand’s primary trading partner, expected later this week. Early leaders in the market included Ebos Group, up by 2.1%, A2 Milk with a 1.0% rise, Fisher & Paykel Healthcare and Mainfreight both advancing by 0.7%, and Infratil increasing by 0.6%.