New Zealand Stocks Edge Higher to Start the Week
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The NZX 50 rose 23 points (0.2%) to 12,912, marking its fourth consecutive gain, driven by consumer staples, materials, financials, and utilities. Positive earnings reports bolstered market sentiment, while anticipation of a 25 bps interest rate cut by the RBNZ added optimism. Investors remained cautious ahead of Fed Chair Jerome Powell's speech and awaited China's interest rate decision. New Zealand's services sector showed slower contraction in July. Notable gainers included F&C Investment (1.4%), Infratil (1.2%), and A2 Milk, which surged 4.9% after a 21.1% profit increase.
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