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NZX 50 Snaps 3-Day Losing Streak, Ends Up 0.7%
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Trading Economics-
The NZX 50 rose 92 points, or 0.7%, to 13,493 on Thursday, erasing losses from the previous three sessions, mainly boosted by gains in energy, healthcare, consumer staples, and communication services. The broader index tracked a rise in US futures after Micron posted a sizeable earnings beat and a better-than-expected outlook. Easing oil prices also lifted sentiment as inflation concerns moderated, reducing expectations of an interest rate hike. However, traders remained cautious ahead of the release of the final US Q1 GDP data and the May PCE Price Index later today, which could provide clues about the Fed's monetary policy decision at its upcoming meeting. A2 Milk surged 3.3% after declaring a USD 300 million special dividend for shareholders following the clearance of Chinese regulatory hurdles. Other gainers included Fisher & Paykel Healthcare (3.2%), Skellerup Holdings (2.7%), Ebos Group (1.6%), and Hallenstein Glasson Holdings (1.5%).
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