24.11.202522:59:13UTC+00New Zealand Stocks Extend Gains

The NZX 50 increased by 37 points, or 0.3%, reaching 13,537 during Tuesday morning's trading session. This rise marks the index's highest point in almost two weeks, building on the gains from the previous day. The upward movement reflects positive momentum from Wall Street, driven by growing optimism for a potential interest rate reduction by the Federal Reserve next month. Additionally, expectations for a more accommodative monetary policy in New Zealand bolstered market sentiment, with analysts forecasting a 25 basis point interest rate cut by the central bank this week. Despite the optimistic outlook, traders remained vigilant, awaiting the release of key economic indicators within the country, such as retail sales, consumer confidence, and business sentiment. The broad index was chiefly supported by gains in the financials, technology, consumer discretionary, and communication services sectors, although these were somewhat offset by declines in material stocks. Notable early performers included Gentrack Group, which rose 2.4%, Infratil at 2.0%, and both ANZ Group and F&C Investment with 0.4% increases.