12.11.202523:00:49UTC+00New Zealand Stocks Extend Gains to Another Record High

The NZX 50 index saw an increase of 26 points, or 0.2%, reaching 13,698 during Thursday morning trading, establishing a new record high. This rise mirrored the overnight surge on Wall Street, driven by optimism around a possible resolution to the longest-running US government shutdown. The gains were predominantly supported by sectors such as energy, industrials, financials, and communication services. Investor sentiment remained buoyant amid expectations of an interest rate cut by the Federal Reserve in December, bolstered by softening employment data. On the domestic front, speculation regarding a rate cut from the Reserve Bank of New Zealand (RBNZ) at their upcoming meeting, combined with fresh economic indicators, added momentum to the index. Recent statistics indicated that electronic card spending in New Zealand rose by 0.2% month-on-month in October, with tourist arrivals surging 9.6% year-on-year in September. Mainfreight's shares jumped 4.4%, continuing their climb despite disclosing an 18.5% decline in net profit for the first half of the year leading up to September. Other notable early risers included Ebos Group, up 1.4%, Summerset Group, gaining 0.5%, along with ANZ Group and F&C Investment, each ascending by 0.4%.