22.07.202605:44:19UTC+00NZX 50 Ends 0.8% Higher as Consumer Stocks Rally

The NZX 50 rose 107 points, or 0.8%, to close at 13,763 on Wednesday, its highest level since July 9, fully reversing the previous session’s losses. The advance was led by gains in consumer discretionary, materials, healthcare, and financial stocks. Consumer discretionary shares climbed 3.8%, driven by a 12.8% surge in SkyCity Entertainment after the company upgraded its earnings guidance and reported stronger revenue. My Food Bag Group also added 3.6%. Markets largely looked past fresh data showing New Zealand’s inflation rate in Q2 accelerated to its highest level since Q4 2023. However, gains were limited by persistently high oil prices, which reinforced inflation concerns and strengthened expectations of further interest rate hikes. RBNZ Chief Economist Paul Conway has recently cautioned that stubborn inflation could necessitate additional monetary policy tightening. Other notable performers included Fisher & Paykel (up 1.8%), Ryman Healthcare (1.8%), Infratil (1.5%), and A2 Milk (1.3%).