28.09.202522:47:43UTC+00New Zealand Stocks Muted in Morning Trade

The NZX 50 index hovered near 13,114 during the morning trading session on Monday, following declines in the preceding two days. This steady performance was characterized by gains in the financial and consumer discretionary sectors, which counterbalanced the downturns in the technology and materials sectors. Market participants are digesting remarks from incoming Reserve Bank of New Zealand Governor, Anna Breman, who reiterated the central bank's unwavering focus on maintaining low, stable inflation, especially in light of the GDP contraction experienced in the second quarter. Additionally, traders are keeping a close watch on the evolving situation regarding the US government's budget. Should there be a failure to secure further funding, a substantial portion of government operations is projected to cease immediately after midnight on Wednesday, potentially affecting Friday's upcoming monthly jobs report. Furthermore, market sentiment remains cautious as investors await the release of New Zealand's business confidence figures for September, alongside China's Purchasing Managers' Index on Tuesday. Noteworthy stock movements included Fonterra Co-operative Group, which jumped 1.9%, Infratil, which rose by 1.6%, and F&C Investment, up by 1.1%. Conversely, Delegat Group, ANZ Group, and Fisher & Paykel experienced declines of 2.5%, 0.8%, and 0.5%, respectively.