17.08.202523:06:37UTC+00New Zealand Stocks Edge Higher to Start the Week

On Monday's morning trade, the NZX 50 experienced an uptick of 23 points, or 0.2%, reaching 12,912. This marked the fourth consecutive session of gains, largely driven by strength in consumer staples, materials, financials, and utilities sectors. Investor sentiment was buoyed by robust earnings reports from several companies. Additionally, optimism was further fueled by anticipation of the Reserve Bank of New Zealand's monetary policy meeting later this week, where a 25 basis point interest rate reduction to 3% is anticipated. However, caution lingered as investors awaited insights from Federal Reserve Chair Jerome Powell, scheduled to speak on Friday at the Jackson Hole Economic Symposium. This event is expected to provide indications about the future trajectory of U.S. interest rates. Market participants also eyed an upcoming interest rate decision from China, New Zealand's primary trading partner. In economic data, New Zealand's private sector showed growth in July, marking the first increase in four months. Among individual stocks, A2 Milk saw a surge of 4.9% following a 21.1% rise in its annual profit. Likewise, Contact Energy rose by 0.9% after announcing a 41% increase in net profit, while F&C Investment and Infratil recorded gains of 1.4% and 1.2%, respectively.