2025.08.2023:13:19UTC+00New Zealand Shares Climb to 7-Month Peak

The NZX 50 experienced a 31-point increase, or 0.2%, reaching 13,102 during Thursday's morning trading, marking its highest point since January 17. This rise built on the momentum from the previous session, fueled by optimism for another interest rate cut later this year, following Wednesday's 25 basis point reduction. Sentiment was further buoyed by RBNZ Governor Christian Hawkesby's remarks to a parliamentary committee, where he indicated that New Zealand's economy is expected to improve. On the economic data side, New Zealand's trade deficit in July 2025 showed a decrease compared to the same month in 2024. Nevertheless, gains were tempered by an overnight decline on Wall Street, particularly in the tech sector. Investors were also focused on the upcoming speech by US Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, as they seek insights on the Fed’s monetary policy direction ahead of the September meeting. All sectors traded positively, with the tech sector leading the charge. Noteworthy advances included Vista Group, gaining 1.6%, and Gentrack Group, up 1.5%, while Mainfreight and Fisher & Paykel each recorded a 0.8% rise.