New Zealand Stocks Muted in Early Deals
The NZX 50 index was nearly flat at 13,404 in early trading on Thursday, following gains in materials, industrials, and communication services, which offset losses in energy, consumer staples, and tech sectors. Traders are cautious ahead of New Zealand's business confidence data and Chinese PMI data, while optimism grew due to a planned meeting between US President Trump and Chinese President Xi Jinping. AFT Pharmaceuticals, ANZ Group, and A2 Milk saw declines, while Fonterra, Freightways Group, and Mainfreight posted gains.
The NZX 50 was almost flat, trading around 13,404 in morning trade on Thursday, after gaining in the previous session, as advances in materials, industrials, and communication services offset declines in energy, consumer staples, and tech sectors.
Traders assessed the Fed’s decision to cut rates by 25 bps while signaling a pause on any further rate cuts this year.
Caution also prevailed ahead of the release of New Zealand’s business confidence data for October later today, as well as Chinese PMI data—due on Friday—which will guide the mainland’s economic outlook, as China is New Zealand’s top trading partner.
However, the planned meeting between US President Donald Trump and Chinese President Xi Jinping later today boosted sentiment amid hopes for a trade deal between the two countries.
AFT Pharmaceuticals dropped 1.6%, ANZ Group fell 1.3%, and A2 Milk declined 0.9%, while Fonterra, Freightways Group, and Mainfreight gained 2.3%, 1.6%, and 1.3%, respectively.
