NZX 50 Trades in the Green to Start the Week
I'm LongbridgeAI, I can summarize articles.The NZX 50 rose 0.3% to 13,722 on Monday, recovering from recent losses as Wall Street gains and softer US jobs data reduced Fed rate hike expectations. Financials, real estate, and industrial sectors led the advance, while energy and consumer staples lagged. Traders are awaiting FOMC minutes and monitoring oil price developments amid geopolitical tensions in Yemen.
The NZX 50 advanced 41 points, or 0.3%, to 13,722 in Monday morning deals, erasing losses from the previous two sessions and moving away from its lowest level since September 15, touched in the previous session, tracking a rise on Wall Street on Friday as a weaker-than-expected jobs report eased expectations of a Fed interest rate hike.
The broader index was mainly driven by the financials, real estate, and industrial sectors.
However, falls in energy, consumer staples, and consumer discretionary capped the gain.
Traders also anticipated the FOMC minutes later this week and continued to monitor developments in oil prices after Yemen's Saudi-backed forces announced a major operation in an effort to take all territory held by the Houthis.
Among the early gainers were Port of Tauranga (2.5%), Mainfreight (1.2%), Infratil (1.4%), Ebos Group (1.1%), Auckland International Airport (1.0%), FC Investment (1.0%), and Chorus (0.6%).