26.11.202523:02:42UTC+00NZX Stocks Edge Higher in Morning Trade

The NZX 50 experienced a modest increase of 16 points, or 0.1%, reaching 13,578 during Thursday's early trading, maintaining its highest position in two weeks and building on the previous session's gains. This uptick was predominantly influenced by strengths in the financials, consumer discretionary, and communication services sectors. In a statement that bolstered market sentiment, RBNZ Governor Christian Hawkesby addressed a parliamentary committee, sharing that the economic recovery is gaining momentum, with Q2 indicators reflecting economic expansion and stabilized demand. This statement followed an interest rate cut on Wednesday, indicating a possible conclusion to the easing cycle as initial signs of economic improvement appear. On the economic data front, retail sales in Q3 surpassed expectations, with consumer confidence figures expected later today. Nevertheless, the market's advance was tempered by downturns in the technology and energy sectors. Early contributors to the gains included ANZ Group, Hallenstein Glasson, Australian Foundation Investment, Turners Automotive, and Westpac Banking Corp, posting increases of 1.3%, 1.3%, 1.0%, 0.6%, and 0.5%, respectively.