21.08.202505:56:14UTC+00New Zealand Stocks Extend Rally

The S&P/NZX 50 index rose by 0.9% to reach a closing mark of 13,194 on Thursday, continuing its upward trend from the previous day and achieving its highest close since December's end. Investor sentiment remained robust following the Reserve Bank of New Zealand's decision to reduce interest rates on Wednesday, with indications of further easing ahead. On the economic front, New Zealand reported a narrowing of its trade deficit to NZD 578 million in July, down from NZD 1,022 million in the same period last year, as exports increased by 10%, significantly outpacing the 2.3% growth in imports. Globally, investors are now turning their attention to US Federal Reserve Chair Jerome Powell's upcoming speech at the Jackson Hole symposium, seeking insights into US monetary policy direction. In corporate developments, Skellerup's shares soared by 6.4% following the announcement of another record profit. Other notable gainers included Fisher & Paykel, which rose by 2.1%, Mercury NZ by 2.9%, Ebos Group by 2.5%, and a2 Milk by 3.5%. In contrast, Auckland International Airport experienced a decline of 0.6% despite reporting an increase in net underlying profit.