28.08.202505:59:20UTC+00New Zealand Stocks Snap 2-day Slide

On Thursday, New Zealand's leading S&P/NZX 50 index climbed by 0.3% to close at 12,903, breaking a two-day downward trend and echoing gains from Wall Street in the previous session. Investor sentiment was bolstered by the growing anticipation of a potential interest rate cut by the Federal Reserve in September, following hints from New York Fed President John Williams that such a move was plausible. Domestically, optimism was further buoyed by positive local economic indicators. According to an ANZ Bank survey, business confidence in New Zealand saw an upturn in August, with companies expecting improved conditions as inflationary pressures start to moderate. In the corporate arena, the utility sector outshone others, with all key players showing positive results: Meridian Energy advancing by 3.5%, Contact Energy rising by 1.9%, Mercury NZ edging up by 0.15%, Vector increasing by 1.6%, and Genesis Energy climbing by 1.7%. Among other significant performers, a2 Milk and Spark NZ both rose by 3.5% and 1.2% respectively. Additional notable gainers included Fletcher Building, up by 1.3%, Summerset Group climbing by 1.1%, Air New Zealand advancing by 1.7%, and Kiwi Property increasing by 1.5%.